Jiangxi Ocean Shipping quits international shipping

Shanghai: Jiangxi Ocean Shipping, the joint venture between Cosco Group and Jiangxi Transport Department, has sold its last two ships to a Hong Kong company and a Jamaican company for about $2m in total.

Jiangxi Ocean Shipping used to operate six vessels and it was the only international shipping company in Jiangxi, however, the company has been selling vessels since 2008 in order to get through financial difficulties.

The two ships “Rui Jin” and “Gan Shun” were built in 1991 and used to transport wood and coal between China and Vietnam, Philippines, Malaysia and Papua New Guinea.

According to an official from Jiangxi Ocean Shipping, the company plans to shift its focus to domestic river container shipping. [27/08/14]

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