Ningbo Maritime Court has issued a notice that it will hold an auction to sell the 2012-built product tanker Chao Sheng 8 on June 17 via online platform Taobao.
The vessel is currently detained by the court at the request of the creditors of Chaosheng Shipping.
The court’s valuation of the 19,900 dwt Chinese-built tanker is RMB77m ($11.4m) and the starting price in the auction is RMB61.6m ($9.1m). MSI values the vessel at $19.3m.
Zhoushan-based Chaosheng Shipping mainly operates in the domestic tanker shipping business. The company is currently dealing with a number of court cases due to debt disputes with creditors.