China Development Bank has acquired newbuild 11,780 dwt product tanker pair Xinghang 21 and Xinghang 22 at Taizhou Zhongzhou Shipbuilding in a court-led auction.
The two ships were originally ordered by Cangnan Xinghang Shipping in 2016, and the company terminated the shipbuilding contract as the shipyard couldn’t deliver the vessels according to contract terms.
Ningbo Maritime Court has recently granted Cangnan Xinghang Shipping’s request to auction the two vessels after the shipyard refused to pay compensation to Cangnan Xinghang.
The two vessels were sold for around $3.4m each.
