Russian shipping firm faces bankruptcy over alleged dealings with North Korea

Vladivostok-based Gudzon Shipping is on the verge of bankruptcy after six of its ships were blacklisted by the US for allegedly engaging in ship-to-ship cargo transfers with a North Korean entity.

The company has denied it committed any sanctions-busting act. Some of the company’s ships have been stranded in South Korea for more than one month while another one is stuck in Nantong, China, unable to pay repair bills to a local yard.

Gudzon officials have sought help from the Russian government to solve the impasse but there is no sign of its fleet being able to trade internationally again soon.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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