Zosco sells last ship

Zosco sells last ship

Chinese state-run dry bulk shipping company Zhejiang Ocean Shipping (Zosco) has completed the liquidation of its ship assets after selling the last ship in its fleet.

The company, which was declared bankrupt by Hangzhou Intermediate People’s court in October 2016 due to debt issues, has been selling its assets to pay off debts.

Zosco sold its last ship, a 3,900dwt general cargo ship, Bao Yue Shan via auction at Zhejiang Shipping Exchange yesterday for RMB4.38m.

Zosco’s sister company Zhejiang Shipping completed a restructuring in 2016 following a series of liquidations of subsidiaries including Wenzhou Shipping, Taizhou Shipping and Wuzhou Shipbuilding.

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.

Related Posts