Five Stars Fujian Shipping bulker to be auctioned by court

Five Stars Fujian Shipping bulker to be auctioned by court

Beihai Maritime Court will hold an auction next month on Taobao to sell the 2009-built capesize bulker Five Stars Fujian, owned by financially troubled Chinese owner Five Stars Fujian Shipping, at the request of the company’s creditors.

The vessel has been detained at Fangchenggang Port in Guangxi by the court since September 2016 due to a debt dispute with Bank of Communications. The company is also involved in salary payment disputes with the ship’s crews.

The starting price for the vessel in the auction is RMB180m ($28.6m).

Following the sale, Five Stars Fujian Shipping’s fleet will be left with only one vessel, the 2010-built capesize bulker Five Stars Beijing.

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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