Wuhan Maritime Court will hold an auction for an unfinished 79,600 dwt bulk carrier JSH413 at bankrupt Jiangsu Shenghua Shipbuilding on March 1 via online platform Taobao at the request of the yard’s creditors.
The starting auction price for the vessel is RMB38.58m ($6.12m).
According to the auction files, the ship has been abandoned for years and some parts of the ship might not meet IMO requirments.
Jiangsu Shenghua Shipbuilding was a joint venture established by Nanjing Shenghua Shipbuilding and Singapore’s Sentek International in 2007. The shipyard went into a bankruptcy restructuring process in 2016 but failed to reach an agreement with creditors on the restructuring. In December 2017, state-run Zhenjiang High-tech Development acquired most of the yard’s assets through an online auction.