Shanghai: Dissolved Cosco Lianyungang Shipyard has successfully auctioned a vessel detained by the company through Shanghai Maritime Court for RMB28.6m.
The shipyard provided maintenance and repair service to the Cyprus flag vessel Akshneer in 2012, however, the owner hadn’t been able to pay the service fee of RMB36m. Shanghai Maritime Court had detained the ship since then under the request of the shipyard.
Cosco Lianyungang Shipyard was dissolved in May 2013 as it had been suffering severe losses from the depressed shipbuilding market. [21/02/14]
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