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.