Court to auction Grandfame handy bulker

Court to auction Grandfame handy bulker

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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