Court to sell unfinished MPP at Jiangzhou Union Shipbuilding

Court to sell unfinished MPP at Jiangzhou Union Shipbuilding

A court in Jiangxi Ruichang will hold an auction for an unfinished multipurpose heavylift vessel at Jiangzhou Union Shipbuilding on September 13.

The auction follows Titan Petrochemicals filing a petition with the High Court of Hong Kong to wind up Jiangzhou Union’s parent group China Ocean Industry this month.

The ship, which was named BBC Tourmaline, was originally scheduled to be delivered to BBC Chartering in 2016, and according to auction files the ship is currently around 85% completed.

The court values the vessel at RMB100m ($14.1m) and the starting price of the vessel in the auction is RMB71m ($10.5m).

China Ocean Industry is currently looking to move into the LNG sector. The company entered into a MOU with PetroChina Kunlun Gas last month to set up a joint venture which will be focused on the development of LNG for vehicles and ships in Jiangxi province.

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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