Shanghai Platinum takes over Fenghai Shipping

Shanghai Platinum takes over Fenghai Shipping

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Related Posts