Zosco puts four capesize bulkers up for sale

Zosco puts four capesize bulkers up for sale

Chinese state-run shipping company Zhejiang Ocean Shipping (Zosco) has put four capsize bulkers for sale according to London-based shipbroker Galbraiths.

The four ships which have been listed are said to be the Zosco Qingdao, Zosco Lishui, Zosco Jinhua and the New Zosco Hangzhou. The owner prefers to sell all the four vessels enbloc.

If the four vessels are sold, Zosco’s fleet will be left with just six bulk carriers. In July, ZOSCO sold two of its capesize bulkers, Zosco Jiaxing and Zosco Shao Xing, to South Korea’s Sinokor Merchant Marine.

Zosco has been struggling amid the depressed dry bulk shipping market, with the company reported total liabilities of RMB6bn ($886m) this year.

Zosco is a subsidiary of Zhejiang Transportation Investment Group, its sister company Zhejiang Shipping is also suffering from a debt crisis, and Wenzhou Shipping, a subsidiary of Zhejiang Shipping has been declared bankrupt by a court last week.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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