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Less Demand, More Competition Sinks US Shipping

Law360 (May 1, 2009, 12:00 AM EDT) -- U.S. Shipping Partners LP has filed for chapter 11 after a decrease in demand for long-haul petroleum shipments and increased competition from other vessels caused the shipping company to experience cash-flow problems.

The Edison, N.J.-based shipper filed a voluntary petition with a prepackaged restructuring plan Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, listing about $717.4 million in assets and $606.5 million in liabilities.

The company is one of the leading providers of long-haul marine transportation services between ports in the...
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