Creditors of Searon Logistics are thought to be owed £7.26m after the Felixstowe company’s fall into administration.

A reduction in haulage rates followed by an announcement by shipping lines in March that they were “changing alliances” led to the haulier's collapse in July.

In a report to creditors, the administrators at McTear, Williams & Wood said the shipping lines’ announcement was “the biggest change in the industry for nearly 20 years and caused the company a major problem as its largest customer was leaving Felixstowe for Southampton.”

Searon responded by setting up a base in Southampton and London Gateway, but the report added: “The work was very good but unfortunately the core base of Felixstowe struggled.”

Trade and expense creditor claims are estimated at £1.38m, but the administrator said there was “no likelihood” of a dividend to this class of creditor.

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