DCL Investments takes over bankrupt Dongguan Fenghai Shipping

Chinese company DCL Investments is set to take over Dongguan Fenghai Shipping as part of a restructuring agreement.

DCL will expand the tanker operator's shipping fleet through the purchase of both newbuild and secondhand vessels over the next five years.

DCL chairman Zheng Hualing said that the acquisition of Dongguan Fenghai Shipping, which had filed for bankruptcy in 2018, is in anticipation of an expected increase in chemical product cargo being transported along China's existing coastal shipping routes.