According to multiple media reports, UAE-based container shipping company CStar Line and its affiliated container shipping company STF Shipping are planning to wind down their business and have stopped accepting bookings.
Relevant foreign media reports
Reports indicate that both companies are currently facing severe financial difficulties, including owing approximately 862 million rubles (about $10.9 million) in port fees to a Russian stevedoring company at Vostochny Port.
In August of this year, CStar Line had already suspended one Asia-Europe service and three Asia-Middle East services.
In response, some analysts predict that various signs indicate these two container shipping companies are highly likely to cease operations.
It is understood that CStar Line provides container shipping services between the Far East, India, the Middle East, the Mediterranean, the Black Sea, and the Baltic Sea, while also offering multimodal transport solutions.
STF Shipping is registered in Hong Kong, with its headquarters in Shanghai, and has agency offices in Ningbo, Seoul, Vladivostok, and Nakhodka. The STF in the company name stands for Safety, Timeliness, and Flexibility.
STF Shipping’s route network is primarily focused on East Asia to the Russian Far East, including ports such as Dalian, Tianjin, Rizhao, Ningbo, Yantian, Nansha, Xiamen, Shanghai in China; Busan in South Korea; and Vostochny Port in Russia.
