Dry CargoGreater China

Five Stars Fujian capesize sold at auction

China’s Beihai Maritime Court has sold the 2009-built 181,400dwt capesize bulker Five Stars Fujian at auction.

The vessel had been detained by the court since 2016 at the request of Five Stars Fujian Shipping’s creditor Bank of Communications due to debt dispute.

The vessel has been sold to an undisclosed buyer for a price of RMB170.6m ($24.8m), a bargain compared to the fair market value of $30m placed on the vessel by MSI.

Following the sale Five Stars Fujian Shipping’s fleet is down to just one ship, the 2010-built capesize bulker Five Stars Beijing.

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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