AEL to liquidate bulker company after years of poor markets

Hong Kong-listed shipowner Asia Energy Logistics (AEL) is calling time on a bulker investment company after years of weak rates.

The group said it is liquidating its subsidiary, Ocean Path's Ocean Jade Investments.

Alongside an unnamed partner, Ocean Jade owns 50% of a joint venture (JV) called Ocean Pro Holdings, which controls two 35,000-dwt handysizes operating in the Chinese domestic shipping market.