Shanghai: Following the CSC Phoenix announcement that two of its vessels Chang Hang Jing Hai and Chang Hang Mao Hai will be auctioned following a civil ruling from Wuhan Maritime Court, Li Jiahua, board secretary of CSC Phoenix said that more vessels are facing auctions.
Li said currently most of the company’s vessels are operating at a loss. There are at least 35 vessels in the fleet with collateral attached to creditors, and they are all facing the risk of being auctioned.
CSC Phoenix suffered an operating loss of RMB191m in the first quarter of 2013, and the company’s asset-liability ratio has reached 115%. [27/06/13]
