Allseas Global Project Logistics, which started liner services during the Covid-19-induced box shipping boom, has been ordered by a United Kingdom court to be wound up.
Audit firm Grant Thornton has been appointed as the liquidator, and unsecured creditors are unlikely to have any recourse.
Allseas Global Project Logistics’ administrators had earlier stated they would move to compulsory liquidation if there were insufficient funds to allow distribution to non-secured parties.
When the company commenced operations in June 2022, it chartered five 1,400-1,800 TEU ships to carry cargoes between China, India and Europe, in addition to purchasing slots on Swire Shipping’s Vietnam-US West Coast service.
However, shortly after Allseas Global Project Logistics started its service, freight rates began deteriorating to pre-pandemic lows. In September, talk that one of the company’s chartered ships, Allseas Pioneer, had been arrested while charter rates were renegotiated, indicated that all was not well. In November, Allseas Global Project Logistics entered administration.
Martina Li
Asia Correspondent
