Dalian Intermediate People’s Court has declared Dalian Shipping Group bankrupt.

According to court filings, Dalian Shipping Group has total liabilities of RMB1.188bn ($180m) and has been involved in a series of debt disputes.

Currently the company’s total asset stands at just RMB503m and most of the company’s equity has been pledged to banks in the past few years in order to secure loans.

Dalian Shipping Group was a state-run shipping company until it went private in 1999, although Dalian State-owned Assets Operation Company still owns a 20% stake in the company.

At its peak, Dalian Shipping Group owned a fleet of nearly 30 vessels made up of bulkers, containerships, tankers and ferries. Now the company’s fleet is down to only four ships comprising one feeder boxship, a general cargo ship and two handymax bulkers.