Chinese company CSC Phoenix received notice from several shipowners on charter contract cancellations for four 92,500dwt vessels, which the company was unable to pay for, reports SinoShip News portal.

In 2009 and 2010 CSC Phoenix chartered five vessels from Passat Shipping, Golf Shipping, Polo Shipping and Phaeton Shipping, and is now unable to provide the necessary finances.

The termination of the charter contracts, will make CSC Phoenix’s parent company, CSC Sinopec, to take over the vessel charters.