Chinese domestic container shipping operator Yangpu Sinowell Shipping has issued a release denying it is in financial difficulties, after rumours started spread about the health of the company in recent days. Sinowell said operations were continuing normally.
“The company is still one of the major players in the domestic container shipping sector, and is expected to complete a total volume of 1m teu this year,” Sinowell said in a release.
Sinowell claimed the rumours surrounding it were started by some clients who owe it money.
Sinowell said it had plans to launch a new logistics business soon.
Despite the company’s clarifications, Ningbo Port released a notice to shipping agencies last week, asking clients to pay hefty deposits in order to pick containers from Sinowell ships.
The last time Ningbo Port made a similar announcement was two years ago with now defunct Hanjin Shipping from South Korea.
Yangpu Sinowell Shipping is a subsidiary of Shenzhen Sinowell Logistics Group. According to the company’s website, it currently operates about 30 coastal containerships. The shipowner has sold four ships recently.