Coastal Bulk Shipping said it had ceased trading after the economic downturn forced a sharp decline in revenues.
Britain"s shipping heritage took a further blow last week as Coastal Bulk Shipping said it had ceased trading after the economic downturn forced a sharp decline in revenues.
Coastal Bulk Shipping, which was founded in 1951, said that demand for the company"s fleet of small ships had reduced significantly.
Coastal Bulk Shipping runs a fleet of 13 vessels between 1,200 dwt-2,250 dwt.
A statement by the Kent-based company highlighted problems with non-performance of contracted customers and the weakness of sterling, which had led to reduced imports and more expensive fuel.
?Prospects for recovery in the short term are poor,? the statement said.
In late 2003, the company implemented a new business plan, which had led to a sustained period of improved trading. Despite this, revenues suffered a sharp decline in recent weeks, the statement said.
Coastal Bulk Shipping was not available for comment.
Meanwhile, River Bulk Shipping also said it had ceased trading. Demand for its two ships had fallen below expectation, with cargo volumes failing to materialise, particularly on the river Thames, a company statement said.
Both companies are owned by Fourwind Holdings, an investment holding company that specialises in shipping and logistics. Fourwinds" directors John Yeoman and Tim Lowry have operating subsidiaries based in the UK and Netherlands.