Tianjin Shunhang to offload CSC Phoenix stake after failed restructuring

Tianjin Shunhang to offload CSC Phoenix stake after failed restructuring

Chinese dry bulk operator CSC Phoenix has announced that its controlling shareholder, Tianjin Shunhang Shipping, is planning to sell its equity in the company.

Tianjin Shunhang took over bankrupt CSC Phoenix from state run logistics giant Sinotrans & CSC in 2015 and attempted to restructure the company’s business to dredging.

In September 2016, CSC Phoenix announced that its restructuring with Tianjin Ganghai Constructuion, a dredging company controlled by its chairman Chen Deshun, failed as Tianjin Ganghai was not able to gain qualifications as an EPC service provider and approval for overseas services.

Trading of CSC Phoenix shares have been suspended.

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