Greater ChinaTankers

Court to auction off Fenghai Shipping chemical tanker

Guangzhou Maritime Court will hold an auction to sell Dongguan Fenghai Ocean Shipping’s 2011-built chemical tanker Feng Hai 26 via online platform Taobao on September 24.

The sale of the 6,500 dwt tanker was requested by DRC Bank due to a loan payment dispute.

The vessel is valued at RMB61.61m ($8.95m) by the court and the starting price in the auction is RMB43.13m.

In June, the court sold off another tanker of the company, Feng Sheng You 16, in an auction.

Fenghai Ocean Shipping mainly operates in the domestic tanker business with a fleet of 24 small and medium tankers ranging from 6,000 dwt to 28,000 dwt.

The company is facing a financial crisis and dealing with over 40 court cases.

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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