Dalian Shipping Group declared bankrupt

The Dalian Intermediate Court has formally declared China-based Dalian Shipping Group bankrupt. The Group was said to have liabilities of CNY1.88bn ($180m), with assets of just over CNY503m. The Group was denationalized in 1999 and at its peak owned nearly 30 vessels including bulkers, containerships, tankers and ferries. But recently it had been down to four vessels.