Ningbo Maritime Court will auction off 2013-built product tanker Du Hang 16 via online platform Taobao on February 26.
The 4,705 dwt tanker is owned by Jiangsu Dulin Shipping, which went bankrupt in 2017, and proceeds from the sale will be used to repay debts to the company’s creditors.
The starting price for the vessel is RMB13.44m ($2.13m).
Jiangsu Dulin Shipping used to operate in oil and chemicals sector of the domestic coastal and river markets. The company was hit by a financial crisis in 2016 and went into a liquidation process in 2017, with most of the company’s vessels sold by courts for debt repayment.