Three Private Shipping Companies Run into Financial Troubles
(Beijing) – Three private shipping companies in China have run into financial troubles since the beginning of this year, problems one expert blames on overcapacity and weak demand for commodities.
Dalian Winland Group Co. Ltd. declared bankruptcy on February 13. The company, set up in 1993, has 18 bulk cargo ships and four container ships.
Also, the heads of Shanghai Hong Sheng Gang Tai Shipping Co. Ltd., a domestic operator of container ships, went missing on February 9, leaving behind huge unpaid debts.
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