Ceva top creditor as shoe company goes bust, hit by e-commerce boom
The bankruptcy of a shoe company in the US has revealed an interesting snapshot of ...
The Loadstar rarely ventures into the murky world of tanker shipping, but this story is simply too juicy for us to pass up – plus, it concerns a subsidiary of the giant Chinese shipping and logistics group Sinotrans.
Broken by a joint reporting team from Lloyd’s List and Chinese business publication Caixan, it tells the remarkable story of how a small Chinese coastal shipping business took out huge borrowings to build up its fleet and turn it into the world’s sixth largest tanker operator. However, the loans were hidden off-balance sheet, and as the tanker market crashed in the wake of the recession, an avalanche of debt materialised from nowhere to obliterate its finances. A complex read, but well worth the time.
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