Court to auction off Fenghai Shipping chemical tanker

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 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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