Detained Varun Shipping tanker sold at auction

Detained Varun Shipping tanker sold at auction

Shanghai Maritime Court has sold the 1997-built aframax tanker  Amba Bhakti via an online auction on Taobao.

The vessel was abandoned by Indian owner Varun Shipping and detained by the court since 2016 at the request of the ship’s crew due to unpaid salaries and by creditor China Shipping Industry due to a ship maintenance contract dispute.

According to auction files, Chen Yongkang, a Chinese national, acquired the vessel by offering the highest bid of RMB38.62m ($6.09m).

Shanghai Maritime Court said the crew of the ship will have priority to get payment from the proceeds of the sale.

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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