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 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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