Tens of thousands of boxes have been left stranded in China after Chinese container line Nan Tsing Container Lines stopped operations, presumably as a result of the debt the carrier has been weighed down with in recent months, according to the Journal of Commerce.
PTI previously reported that another Chinese container line – China Shipping Container Lines (CSCL) – had reported a 97% loss in its net profits, highlighting the struggles facing Chinese shipping lines.
A Shanghai court order saw more than 1,300 shipping containers detained at Shanghai Yidong Container Terminal.
By 2008, Nan Tsing was carrying more than 600,000 TEU with a fleet of more than 140 vessels.
However, its ships were disposed of once the company began to down-size.
Shipping lines such as CSCL have begun to order ships to maximise its capacity. The proposed merger with China Cosco is also expected to boost its global presence.
