Built just five years ago, the ship pictured above shows readers just how fast arrested ships can deteriorate. The 80,012 dwt Guanhai 228 is set to be auctioned on Monday at a court in Xiamen.
The ship is the last in the fleet of the once famous Fujian owner Guanhai Shipping, which at its peak was the sixth largest shipowner in China.
Creditor Minsheng Bank is believed to have sought the arrest and sale of the bulker over unpaid loans. It has been sitting off Shanghai for many months falling into considerable disrepair. The court has set an initial price of RMB19m ($2.89m) for the ship.
The owner’s long list of debts includes overdue salaries to both ashore and onboard staff, backing up close to three years.
Guanhai, whose history dates back four decades, shuttered its shipyard arm, Crown Ocean Shipbuilding, in January last year.