Liquidated Wenzhou Shipping sells five vessels on Taobao

PostTime:2017-02-23 08:58:42 View:1481

China’s bankrupt Wenzhou Shipping has sold five vessels over the country’s largest online shopping website Taobao. Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, liquidated its assets and sold the five vessels at a total price of RMB156.93m ($22.81m) via Taobao. The amount of RMB156.93m closed for the sale of the ships was 27.2% higher than the auction price of RMB123.4m. The auctioned ships included 2011-built 57,000-dwt supramax bulker Zhe Hai 167 sold for RMB67m, 2009-built 33,400-dwt handysize bulker Zhe Hai 162 sold for RMB50.2m, 2009-built 23,500-dwt handysize bulker Zhe Hai 156 sold for RMB33.88m, a tugboat sold for RMB3.8m and an oil barge sold for RMB2.05m. The Chinese shipowner was declared bankrupt by a local court in October 2016 due to mounting debts. The parent firm Zhejiang Shipping had itself completed a restructuring last year, leaving its subsidiaries Wenzhou Shipping, Taizhou Shipping and Wuzhou Shipbuilding all bankrupt.

Wenzhou Shipping declared bankrupt by Chinese court

PostTime:2016-10-24 08:26:06 View:1347

A Chinese court has liquidated dry bulk firm Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, on the back of mounting debts. Zhejiang Wenzhou Intermediate People’s Court announced this week that Wenzhou Shipping’s assets will be liquidated, after its parent firm applied to the court for bankruptcy protection, a Wenzhou media agency reported. In April this year, Zhejiang Shipping had alerted that two of its subsidiaries, Wenzhou Shipping and Taizhou Shipping, were dogged by debts including overdued financial leasing repayments totalling RMB36.62m ($5.43m). Wuzhou Shipyard, another subsidiary of Zhejiang Shipping Group, was declared bankrupt in December 2015.

Wenzhou customs checkpoint gains State Council's approval to expand

PostTime:2014-04-02 08:43:42 View:1521

THE customs checkpoint at Wenzhou, a river port city and a manufacturing base in eastern China's Zhejiang province, has gained approval of expansion from the State Council, according to Wenzhou Municipal Government Press Conference, reports Xinhua. Wenzhou port will have a total of 13 berths after expansion, covering an approved quay length of 3,966 metres, with 3,872 metres in its Zhuangyuanao port area and 94 metres in the Pingyang port area. The Zhuangyuanao port area will be equipped with a 2,752-metre container quay for nine container berths and 1,120-metre quay for chemical industry operating area with three berths.  The application for the expansion project of Wenzhou customs checkpoint was commenced in 2004 and was officially approved in February 21 2014. Experts said the expansion approval will play an important role in further accelerating the construction of the Wenzhou Mega Port and enhancing the city's status as well as promoting economic and trade cooperation with Taiwan.  

DHL opens offices in Wenzhou, Zhengzhou, Zhejiang, Xuzhou, Huizhou

PostTime:2011-09-23 08:26:08 View:3112

DHL GLOBAL Forwarding is expanding its logistics services network in China to meet the demands of shifting manufacturing patterns, with the opening of five new inland branch offices. Two of the new offices are located in the country's most important inland regions, namely Zhengzhou city in Henan province and Taiyuan city in Shanxi province. The other three offices are located in the tier three cities of Wenzhou in Zhejiang province, Xuzhou in Jiangsu province and Huizhou in Guangdong province. "The move is aimed at better meeting the fast growing demand in central and western China for logistics services of international standards," said a company statement. DHL also plans to establish two more branch offices and 20 sales offices, with the aim of achieving 30 per cent coverage in third tier cities by 2015, it said. The company said the opening of the new offices is timely as China's manufacturing industry is going through a major geographical shift from coastal areas such as the Yangtze River and the Pearl River deltas, the central and western regions. Said DHL freight chief Roger Crook: "With the development of central and western China becoming one of the Chinese government's priorities as part its 12th five-year plan to speed up the industrial transfer to inland areas, DHL has benefited from a rapid build-up of infrastructure. This has in turn, facilitated the provision of DHL's scheduled door-to-door services and multi-modal transport."

Port of Wenzhou half-year throughput up 8.7pc

PostTime:2010-08-10 08:42:59 View:1709

THE Port of Wenzhou, an eastern China manufacturing base, handled 31.4 million tonnes of cargo during the first half of year, up 8.7 per cent year on year, Xinhua reported.Foreign trade cargo totalled 748,500 tonnes. Container trade cargo grew 10 per cent to 190,000 TEU. Domestic trade cargo also have kept and healthy growth and is expected to enjoy bigger increases before the year is out.The Wenzhou port administration authority said the growth in throughput, especially in-bound cargo, is a reflection that demand for raw material for production is increasing, meaning the local manufacturing industry is flourishing.

Hanzhou-Wenzhou rail link to be upgraded to high-speed link

PostTime:2010-02-08 11:32:40 View:2025

THE first joint venture railway in China, Jinhua-Wenzhou railway, built by the Ministry of Railways, Zhejiang province, local governments and a Hong Kong investor, will be upgraded to high-speed rail link, Logistics Week reported. After the upgrade has been finished, the travel time will be shortened to two hours from Hanzhou to Wenzhou, and one hour from Wenzhou to Jinhua.The upgrade project, costing CNY18 billion (US$2.6 billion) and lasting four years, is jointly invested by Ministry of Railways and Zhejiang government. The railway covers a distance of 188.3 kilometres and will allow speeds of 200 kilometres per hour after completion.Zhejiang governor Lu Zushan said the upgrade is significant as Jinhua-Wenzhou railway is a major rail line connecting Zhejiang hinterland to the coastal region.The railway's cargo volume has hit 21 million tonnes annually, far surpassing its designed capacity of 10 million tonnes, said Provincial Railway Investment Group president Yu Jianer.The Jinhua-Wenzhou railway opened to traffic in June 1998 with a factual average speed of 70 kilometres per hour. It has been one of the most profitable joint-venture railways in China.