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.