Ninety jobs hang in the balance after a Rochester shipping firm became the latest victim of the economic downturn.

Coastal Bulk Shipping, which has been operating on the banks of the River Medway at Hoo for nearly 60 years, has been plunged into administration.

The firm, formerly Lapthorn Shipping and once home to the nation’s largest fleet of UK-registered cargo ships, is now facing bankruptcy.

It is blaming rock-bottom prices from the road haulage industry, a reduction in imports and a hike in fuel costs for its troubles.

Managing director Tim Lowry told the Messenger trade dried up in November and that stiff competition from their road rivals was a contributing factor.

The water freight specialist, based in Buttercrock Creek, operates a fleet of 13 vessels and employs 90 people.