FW: Shuttered California LTL carrier files for bankruptcy
FREIGHTWAVES reports: Less-than-truckload carrier Tony’s Express of Fontana, California, has filed for bankruptcy protection, nearly three ...
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
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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