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News

SinoTrans Yangtze Shipping in financial trouble

19 September 2012
SinoTrans Yangtze Shipping, the largest barge operator on the Yangtze, is suffering financial difficulty in common with the leading state-owned shipping lines, Cosco and China Shipping.

One of SinoTrans Yangtze Shipping’s subsidiaries, Changhang Phoenix, made a loss of Rmb446m in 2011 and its debts are greater than its assets, according to China Waterway News. The report went on to say that another subsidiary that specialises in shipping oil, Changhang Oil Tankers, is on the cusp of bankruptcy having reported a loss of Rmb646m last year.

In recent year, Sinotrans Yangtze Shipping has diversified into ocean shipping and become the third largest shipping company behind Cosco and China Shipping.

     
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