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Cosco acquires Xiazhiyuan semi-submersible vessel via court auction

Cosco acquires Xiazhiyuan semi-submersible vessel via court auction

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Cosco Shipping Specialized Carriers acquired semi-submersible vessel Xia Zhi Yuan 6 for RMB200m ($30.4m) via an auction arranged by Ningbo Maritime Court yesterday.

The vessel was owned by Zhejiang Xiazhiyuan Ship Management which went bankrupt after its boss, Xia Hanren, fled China to escape from mounting debts in 2015. The company has since been taken over by the court.

The 38,000 dwt Xia Zhi Yuan 6 joined Cosco’s heavylift vessel pool in 2012, and it was arrested in 2015 due to the owner’s debt issues.

In February, the court also sold the 27,000d wt bulk carrier Xia Zhi Yuan 7 to Zhejiang Xin Luo Shipping via auction. The vessel has since been renamed Xin Luo 7.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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