Britain's oldest shipping company has gone under, another victim of the country's double-dip recession, liquidator Tait Walker LLP said Friday.
The accountancy firm said that Stephenson Clarke Shipping Ltd., Newcastle, England, sold off its last vessel in July and is now in liquidation.
"It is with great regret that the company has had to cease trading," Stephenson Clarke said in a statement emailed out by Tait Walker. "Whilst previous economic downturns have been weathered, the current market is one of the worst experienced for many years with no upturn forecast for at least 12-18 months."
Stephenson Clarke boasts of being the country's oldest shipping company, established by a sibling pair of master mariners during the reign of King George II in 1730.
"I don't believe there's anyone else in shipping who can claim to be in business any longer," maritime researcher David Asprey said in a phone interview.
He said the company's history spanned the age of sail and the advent of containerized shipping.
"They grew up in the coaling trade, between the northeast (English) coalfields and London in particular," Asprey said. "They've seen that whole transition of technology from wooden sailing coasters through into steam, into diesel, and into iron and steel ships. They've bridged the technological revolutions of the industrial world."
Britain's Chamber of Shipping said in a statement that it was sorry about the news, saying it "clearly shows how challenging the current economic climate is for shipping."
Wednesday, May 22 2013 7:44 PM EDT2013-05-22 23:44:14 GMT
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
Wednesday, May 22 2013 6:29 PM EDT2013-05-22 22:29:45 GMT
Authorities say two New York City men and a New Jersey man kidnapped another man off a Queens street in broad daylight and held him for over a month, demanding $3 million from his family.
Authorities say two New York City men and a New Jersey man kidnapped another man off a Queens street in broad daylight and held him for over a month, demanding $3 million from his family.
Wednesday, May 22 2013 6:15 PM EDT2013-05-22 22:15:21 GMT
An Army soldier has been charged with secretly photographing and videotaping women at the U.S. Military Academy at West Point, including in a bathroom.
An Army soldier has been charged with secretly photographing and videotaping women at the U.S. Military Academy at West Point, including in a bathroom.
Wednesday, May 22 2013 1:00 PM EDT2013-05-22 17:00:29 GMT
An emotional funeral service has been held for a Hofstra University student who was accidentally shot by police.
An emotional funeral service has been held for a Hofstra University student who was accidentally shot by police. Andrea Rebello's family followed the pastor Wednesday as he led her white cloth-draped coffin to the altar at St. Teresa of Avila Church in Sleepy Hollow, N.Y.
Wednesday, May 22 2013 12:55 PM EDT2013-05-22 16:55:01 GMT
Jersey shore town is celebrating a milestone as it rebuilds from Superstorm Sandy. Belmar officials will reopen their 1.3-mile boardwalk that was destroyed by the October storm.
Jersey shore town is celebrating a milestone as it rebuilds from Superstorm Sandy. Belmar officials will reopen their 1.3-mile boardwalk that was destroyed by the October storm.
Wednesday, May 22 2013 12:27 PM EDT2013-05-22 16:27:26 GMT
Black and Hispanic men are more likely to be stopped in the Bronx and Brooklyn than other boroughs, according to an analysis of police street stop data released Wednesday by the New York Civil Liberties Union.
Black and Hispanic men are more likely to be stopped in the Bronx and Brooklyn than other boroughs, according to an analysis of police street stop data released Wednesday by the New York Civil Liberties Union.
Wednesday, May 22 2013 12:10 PM EDT2013-05-22 16:10:42 GMT
The NYPD arrested a suspect in the latest anti-gay attack in the city, said police.
The NYPD arrested a suspect in the latest anti-gay attack in the city, said police. The incident Monday night involved two men, who police say, had met at the Bowery Mission and went out drinking together in the East Village. Roman Gornell, 39, was arrested on Wednesday.
