Guangxi Xin Min Hang Shipping, a Chinese domestic container shipping company, has suspended operations while it looks to restructure, Wu Zhiwen, president of the company announced last night.
The Nanning-based company owns a fleet of 23 vessels totalling 170,000 dwt, and mainly operates in the domestic coastal and Yangtze River markets.
In an interview with a local media in August, Wu said 2015 was a tough year but the company was hoping to get new opportunities from the central government’s new “One Belt, One Road” policy and planned to add 18 new shipping routes over the next five years.
Xin Min Hang cancelled a 15,000 dwt newbuild vessel at Taizhou Shipyard this year due to the company’s inability to make payment.
Nan Tsing Container Lines, another major domestic container shipping company, also suspended operations at the end of August.