Last four Taizhou Shipping bulkers sold at auction

Last four Taizhou Shipping bulkers sold at auction

Taizhou Shipping, the bankrupt subsidiary of Zhejiang Shipping Group, has sold the last four ships in its fleet via auction at Zhejiang Shipping Exchange.

The four bulkers Zhe Hai 351, Zhe Hai 352, Zhe Hai 353 and Zhe Hai 354 have been sold to unnamed Chinese domestic buyers for RMB63.89m ($9.38m) in total.

Taizhou Shipping, along with its sister firm Wenzhou Shipping, went into a liquidation process in a debt restructuring by parent Zhejiang Shipping Group in 2016.

In February, Zhejiang Shipping received a capital replenishment of RMB2bn from its parent Zhejiang Communications Investment Group for debt structure optimization. The company downsized its fleet from 47 to 24 bulkers and targeted a return to profit by the end of 2017.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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