China Development Bank acquires two newbuild tankers

China Development Bank acquires two newbuild tankers

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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