Grandfather of shipping sinks into liquidisation

By Freddie Pierce
Follow @WDMEllaCopeland Britains oldest shipping company Stephenson Clarke has sunk in ‘troubled waters, announcing today that it is to be liquid...

Britain’s oldest shipping company Stephenson Clarke has sunk in ‘troubled waters’, announcing today that it is to be liquidised after 282 years of trading.

The company, which was established in 1730, is the latest victim of a global decline in the movement of dry bulk goods such as coal, grain and iron ore.

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to see the latest issue of Supply Chain Digital

In an earlier move to protect the company, Stephenson Clarke sold ships to cut cost as freight rates worldwide began to plummet.

Late investment

However, industry experts also believe that the company had a hand in its own decline, investing in new tonnage to take advantage of China’s industrialisation slightly too late. The extra shipping capacity arrived just as the boom was slowing down, sending rates for a number of companies tumbling.

"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 to 18 months," said a company spokesman.

According to the Guardian, the accounting firm Tait Walker was appointed earlier this month to handle the problems at Stephenson Clarke, which sold its remaining six ships last month.

Picture credited to Ian Britton

Share

Featured Articles

Digital twin technology is supply chain resilience boost

Mark Landry, Intelligent Industry Leader for Capgemini Americas, on how digital twin technology is helping to take supply chain resilience to next level

Andrew New–SCCL to speak at Procurement & Supply Chain LIVE

Andrew New, CEO of Supply Chain Coordination Limited (SCCL) for the NHS will be speaking at Procurement & Supply Chain LIVE LONDON

Supply chain global events, news and features round-up

Walgreens CPO Jim Townsend to speak at Procurement LIVE; Sustainability measurements lacking, says EY survey; Managing risk 'key' - Gartner Supply Chain

Automation 'is helping supply chain serve customer needs'

Digital Supply Chain

No going back on e-commerce - FedEx Express AMEA CEO

Logistics

Behavioural science 'key to procurement change' - Loseby

Procurement