CSC Phoenix auctions vessel

Shanghai: CSC Phoenix announced that it will auction one of its vessels “Yao Hai” at Beijing Equity Exchange under the request of creditor China Merchants Bank (CMB). The vessel was pledged to CMB in 2008 in a RMB75m loan deal.

CSC Phoenix’s subsidiary Shanghai Huatai Shipping will join the bidding for the vessel, which has a starting price of RMB43.78m.

CSC Phoenix said the move will accelerate the company’s restructuring process and it is making efforts to resume stock trading from next year.

The company reported a net profit of RMB186m for the first half of this year, mainly thanks to a series of asset disposal and employees cutdown. [21/08/14]

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