Dry CargoGreater China
Court to auction Hong Xiang Shipping vessel
Shanghai Maritime Court will auction off defunct Xiamen Hongxiang Shipping’s general cargo vessel Hong Xiang 59 via online platform Taobao on August 17.
The starting price of the auction is RMB7.87m ($1.17m).
Hongxiang Shipping mainly operates in the domestic dry cargo sector and has become mired in debt. Most of the company’s vessels have been seized by creditors leading to the suspension of its shipping operations.