Nanjing Tanker to seize CSC Phoenix vessels

CSC Phoenix announced yesterday that it has received a civil ruling from Wuhan Maritime court.

The court has granted the request from Nanjing Tanker, a sister firm of CSC Phoenix, to seize the ownerships of two CSC Phoenix vessels, as it is unable to pay ship repair fee of RMB7.41m.

Financially troubled CSC Phoenix has been trying to save itself through selling assets and laying off employees. Li Jiahua, board secretary of the company said yesterday that the company plans to lay off 1000 employees this year.
Source: Sino Ship News