Ninety jobs hang in the balance after a Rochester cargo shipping firm became the latest victim of the credit crunch.

Coastal Bulk Shipping – home to the nation’s largest fleet of British-registered cargo ships – has gone into administration.

The company has a fleet of 13 vessels.

The firm, formerly Lapthorn Shipping and based on the banks of the River Medway at Hoo, announced the move in a message on its website.

It is thought to be blaming a fall in trade on the road transport sector, a reduction in imports and increased fuel costs