Court to auction unfinished bulker at Shenghua Shipbuilding

Court to auction unfinished bulker at Shenghua Shipbuilding

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.

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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