Ningbo Maritime Court will hold an auction to sell the 2010-built 35,000 dwt handy bulker Oriental Dragon on July 10.
The auction was requested by Chinese leasing firm Far East Horizon, which offered a loan to On Best Shipping, an affiliate company of Hong Kong-based Grandfame Ship Management, to purchase the vessel in 2013. Far East Horizon filed a lawsuit against On Best in 2017 as the latter failed to repay the loan.
The vessel’s valuation by the court is RMB29.57m ($4.27m) and the starting price for the vessel in the auction is RMB28m ($4.05m).
Grandfame currently operates a fleet of 11 vessels, made up of seven bulkers, two boxships and two tankers.