Vasi Shipping, a small Singaporean containership operator, has filed for bankruptcy.
The company, founded 13 years ago, has $19m of debt owed to creditors. Previously, it operated on intra-Asia routes on three owned ships, all of which it has sold recently to try and pay back debts.
“The gap between charter rates and freight rates remain too wide and has claimed its first casualty,” analysts at Linerlytica reported in a new report.
A creditors’ meeting has been scheduled to take place in Singapore on April 28.