Guangzhou: Guangzhou Maritime Court announced that it will auction seven vessels of Guangdong Lanhai Shipping at the request of China Construction Bank (CCB).
Guangdong Lanyue Energy Development signed a loan agreement with China Construction Bank in 2010 to provide a RMB737m loan to its affiliated company Guangdong Lanhai Shipping using the vessels as collateral.
CCB filed a lawsuit against Guangdong Lanyue in 2013 as the company was unable to repay the loan according to the agreement.
The court will start the auction of the vessels which are being held at Jiangyin port, Guangzhou port, Qinhuangdao port, Yingkou port, Rizhao port, Lianyungang port and Zhoushan port, on September 18. [19/08/14]