Shanghai Platinum Asset Management has won approval from the creditors of bankrupt tanker operator Dongguan Fenghai Shipping to be the new investor to restructure the company.
Fenghai Shipping was once a major domestic liquid cargo shipping company in China, operating coastal tanker services with a fleet of nearly 30 handy tankers. The company was declared bankrupt in 2018 and several vessels of the company were sold in court-led auctions.
According to a file released by Fenghai’s administrators, Shanghai Platinum won the bid to restructure the company over Shanghai Eqiao Group, which took over bankrupt dry bulk operator Deqin Shipping in 2017, Cosco Cinda Investment, and Guangdong Zhongchuan Shipping.
Low-profile Shanghai Platinum Asset Management is a dedicated ship distress asset investor. The company also took over bankrupt bulker operator Guangzhou Diyuan Shipping last year.