Britain's Oldest Shipper Placed into Liquidation

One of Stephenson Clarke Shipping's former vessels.

Privately held British shipping company Stephenson Clarke Shipping Ltd. (Stephenson Clarke), one of the world's oldest shipping companies, is going out of business according to a statement from accounting firm Tait Walker.

According to the statement, the bulk cargo ship operator has been placed into liquidation and sold its last vessel in July.

With 282 years of history to draw on, Stephenson Clarke said "the current market is one of the worst experienced for many years with no upturn forecast for at least 12 to 18 months."

A spokesman for shipper said, "It is with great regret the company has had to cease trading."

"Management and staff have worked extremely hard to manage the position to minimise the impact on stakeholders by working with professional advisers to ensure an orderly and controlled wind down of the company, which resulted in the sale of the last vessel in July," they added.

Started in 1730, the firm said it was Britain's oldest shipping company and employed 9 people.

Allan Kelly of Tait Walker said: "The prolonged global economic downturn has seen the shipping market severely impacted through excess market capacity and low freight income, which together with the broader economic recession left little alternative but to place Stephenson Clarke Shipping into liquidation."

Bloomberg reported the U.K. Chamber of Shipping as saying that news of the closing of Stephenson Clarke "clearly shows how challenging the current economic climate is for shipping."

"Stephenson Clarke was an historic company and longstanding member until recently and we were very sorry to hear this news," they said.