Five Wenzhou Shipping vessels sold via auction

Five Wenzhou Shipping vessels sold via auction

Ningbo Maritime Court has sold five vessels of bankrupt Wenzhou Shipping through online auctions on Taobao.

Supramax bulker Zhe Hai 167 was sold to Shanghai Shenlong Shipping for RMB67m ($9.7m), handysize bulker Zhe Hai 162 was bought by individual Li Chunzhen for RMB50.2m ($7.3m), and another handysize bulker Zhe Hai 156 was acquired by Tanshan Dongfang Shipping for RMB33.8m ($4.9m).

A tugboat and a barge of Wenzhou Shipping were also sold in the auctions.

Wenzhou Shipping, a subsidiary of state-run Zhejiang Shipping Group, went into liquidation in October 2016. Its sister firms Taizhou Shipping and Wuzhou Shipbuilding also went bankrupt.

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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