Shenzhen Speedship Supply Chain filed for bankruptcy on June 6, 2023. The company is a third-party logistics provider that specializes in international shipping and freight forwarding. It was founded in 2010 and had over 1,000 employees at its peak.
The company’s bankruptcy filing comes as a surprise to many. It was one of the largest third-party logistics providers in China and had a good reputation.
Some implications of this bankruptcy, It could lead to higher shipping costs for businesses that rely on the company’s services and it could make more difficult for businesses to find reliable third-party logistics providers. The impact on on going shipment is delays in shipments. Finally it’s going to damage reputation of the Chinese logistics industry.