Greater China

Winland files for bankruptcy

Dalian: A Dalian shipowner, Winland Ocean Shipping, has filed for Chapter 11 bankruptcy protection in Texas after two of its three vessels were confiscated in China and Singapore last year.

The company said it hopes to restructure and reduce its existing secured debt “to levels that are consistent with the currently depressed levels of the charter market”.

The group, which at its peak had a fleet of 12 ships, property holdings plus an online trading platform, said it needs to restructure more than $48m in secured debt.

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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