According to the news, on October 25, 2016, said the hangzhou intermediate people's court issued formal bankruptcy civil verdict from zhejiang ocean shipping co., LTD.

The award shows:

On July 20, 2016, in zhejiang ocean is unable to repay debts that are due, zhejiang trading assets are insufficient to discharge all debts and apparent lack of solvency, apply to the hangzhou then liquidation of the company.

On October 18, 2016, zhejiang ocean company manager with its insolvency and is unable to repay debts that are due, nor the reorganization, the possibility of reconciliation or other pay off on the grounds that apply to the hangzhou then ruled that zhejiang ocean company declared bankruptcy

The hangzhou then find out:

By the zhejiang ocean before the first creditors' meeting, creditor to the manager for a total of 14, the total amount of claims for 10977164887.74 (11 billion), all are ordinary creditor's rights.

As of July 28, 2016, namely the bankruptcy to accept, total assets of RMB 5146433502.72 from zhejiang ocean (5.1 billion), indebted amount of RMB $8445904492.31... (8.4 billion), the owner's equity is RMB - 3299470989.59 (3.3 billion).

Orders, according to hangzhou then ruling in accordance with the bankruptcy law:

Bankruptcy declaration of zhejiang ocean shipping co., LTD.

This ruling will take effect from today (October 25, 2016).

But, in fact, from this year on April 8, vice governor of zhejiang chaired a special meeting, the study of water sector reform and restructuring of the group of coordination. Conference pointed out that the provincial traffic group bankruptcy reorganization and start shipping plate of zhejiang ocean shipping and Marine corp of wenzhou, taizhou sea three enterprises, bankruptcy is structural reform required to carry out the supply side and clean up the \"zombie\" companies to production capacity, the actual action, is to maintain security and promote the healthy development of the provincial enterprise of state-owned assets.

Zhejiang ocean this year on June 27, staffing work officially launched the company bankruptcy liquidation.

On the morning of September 23, zhejiang ocean shipping co., LTD. (hereinafter referred to as the ocean company bankruptcy liquidation cases to the first creditors' meeting held in hangzhou then smoothly. The claim filing, upon the expiration of a total of 14 creditor to managers declare the creditor's rights, their claims amount more than 10.9 billion yuan. 12 ocean company on behalf of the creditor, the debtor and the worker representatives attended the meeting, the meeting order is good, the smooth finish on the agenda.

Ocean company is the earliest and largest international shipping enterprise in zhejiang province. In recent years, influenced by international and domestic macroeconomic situation, domestic and international shipping market continues to weaken, the company ran into serious trouble and eventually into bankruptcy and liquidation proceedings.

Want to eventually bankruptcy also several a foregone conclusion.

Selling the ship:

Another according to the shipping agent in London Galbraiths news, zhejiang sea is disposal of four capsize type bulk carriers.

Respectively is Zosco Qingdao, Zosco Lishui, Zosco Jinhua and New Zosco Hangzhou.

And expect packaged for sale.（source: I love shipping network）