Member Article

Newcastle shipping operator goes into liquidation

North East cargo ship operator, Stephenson Clarke Shipping Limited has been placed into liquidation.

Allan Kelly and Gordon Goldie of Tait Walker Newcastle have been appointed as Liquidators.

The company, which employed 9 people, had sought to reduce costs by selling off most of its fleet over the last couple of years.

A spokesman for Stephenson Clarke said: “It is with great regret that the company has had to cease trading. Management and staff have worked extremely hard to manage the position to minimise the impact on stakeholders by working with professional advisers to ensure an orderly and controlled wind down of the Company which resulted in the sale of the last vessel in July 2012.

“Whilst previous economic downturns have been weathered, the current market is one of the worst experienced for many years with no upturn forecast for at least 12-18 months.”

Mr. Kelly advised that: “The prolonged global economic downturn has seen the shipping market severely impacted through excess market capacity and low freight income, which together with the broader economic recession left little alternative but to place SCS into liquidation.”

This was posted in Bdaily's Members' News section by Tom Keighley .