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.
