Singapore’s Vasi Shipping Files for Bankruptcy Protection

Vasi Shipping, a small container shipping company based in Singapore, has declared bankruptcy after 13 years in operation.

The company is reportedly burdened with $19 million in outstanding debt to creditors. Vasi previously served intra-Asia trade routes using a fleet of three self-owned vessels, which have all been sold off in recent months in an effort to reduce its financial liabilities.

“The gap between charter rates and freight rates remain too wide and has claimed its first casualty,” noted analysts at Linerlytica in a recent report.

A creditors’ meeting is set to be held in Singapore on April 28.