D’Amato bulk carrier sold in Chinese court auction

D’Amato bulk carrier sold in Chinese court auction

China’s Ningbo Maritime Court has sold the 2001-built panamax bulker Primrose via online platform Taobao, three years after the vessel was abandoned in China.

The 74,700 dwt vessel was owned by Italian company UniCredit Leasing and was managed by Italian owner D’Amato di Navigazione. It has been laid up in Zhoushan’s ZTHI Shipyard since D’Amato was declared bankrupt and cleared out its fleet in January last year.

The vessel was detained by the court after the crew from the vessel filed a court case against the owner, who hadn’t paid their salaries. According to an official from ZTHI Shipyard, the owner also owed substantial docking fees to the shipyard.

The starting price for the vessel in the auction is RMB44m ($6.5m), but the deal was concluded at a price of RMB35.5m ($5.28m), much lower than MSI’s valuation of 6803105" data-apikey="Splash247d41d8cd98f00b204e9800998ecf8427">$7m6803105" />.

The auction document showed that the vessel was sold to a company called Xiang Shu Shipping.

 

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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