UK-headquartered Allseas Global Project Logistics was declared insolvent at the end of 2022. Industry analyst Alphaliner reports that the division owes GBP34 million (USD41.3 million) to creditors, as well as GBP12 million (USD14.6 million) to other parts of the Allseas Group.
According to the UK’s official public record, the Gazette, Steven John Parker and Joanne Kim Rolls of Opus Restructuring were appointed as administrators in November.
Allseas Global Project Logistics is a part of UK freight forwarding company Allseas Global Logistics. It specialised in vessel chartering and breakbulk shipping. Allseas Global Logistics launched a shipping line in mid-2022 – Allseas Shipping Company – building on the success of its 2021-launched China Xpress service. It chartered multipurpose vessels ranging in capacity from 620-1,600 teu to connecting Shanghai and Ningbo in China with Liverpool in the UK. In February 2022, it long-term time chartered a 2,000 teu vessel to expand the service.
The capitulation of Asia-Europe container shipping rates since the height of the shipping boom could be attributed to the company’s downfall. Additional claims from contingent creditors relating to vessel charters could be forthcoming, according to reports.
Allseas Global Logistics has been approached for comment.