KELLY RESIGNS AT CHO YANG (AMERICA)
Ed Kelly said Monday he has resigned as president of Cho Yang (America) Inc. and that some of the carrier's vessels have been transferred to alliance partners.
Cho Yang has operated in a vessel-sharing agreement with Hanjin Shipping and Senator Line.
Regarding the transfers, Kelly said “that’s not unusual, being part of the give-and-take you’d expect in our arrangements.” He would not identify a specific partner as having taken on any Cho Yang vessels.
Kelly also denied rumors that Cho Yang plans to file for bankruptcy amid alleged financial turmoil.
“We have no plans for any kind of bankruptcy filing,” he said. “I don't want to comment beyond that, except to say that things have been hectic and we have not issued any press releases about what's been going on.”
Two Cho Yang vessels have been arrested this month, the CY Giant in Rotterdam and the CY Honour in Felixstowe. The CY Phoenix was arrested in Long Beach for a short time then released in February.
Kelly said he has been hired as a consultant by Cho Yang, “on a kind of day-to-day basis.”