Qingdao Maritime Court will hold an auction for Dongguan Fenghai Ocean Shipping’s product tanker Feng Sheng You 16 via online platform Taobao on June 4 at the request of Dongying Linghang Port Company due to a contract dispute.
The starting price for the 2007-built product tanker is RMB10.5m ($1.6m).
Fenghai Shipping has more than 40 court cases lodged against it since last year. It currently owns a fleet of over 20 tankers, some of which have been seized by banks.