Ningbo Maritime Court has announced that it will auction off two bulk carriers owned by Zhejiang Qinfeng Shipping via online platform Taobao on March 17, at the request of Bank of Communications.
Qinfeng Shipping pledged the two bulk carriers, Qin Feng 1 and Qin Feng 88, to the bank in two separate loan deals in 2013 and 2014. The bank filed a lawsuit against Qinfeng Shipping and detained the two vessels in 2016 as Qinfeng was unable to repay the loan.
Qinfeng Shipping mainly offers domestic bulk shipping services. According to the company’s website, it operates a fleet of about 30 vessels with total capacity of around 500,000dwt.