Xiamen Maritime Court has listed the 2011-built 32,900 dwt handymax bulker Sheng An Da 69 for sale via an auction scheduled on August 4.
The vessel is owned by Guangxi-based Guiqin Shipping and the auction is requested by the company’s creditor PLA 4807 Shipyard, a Chinese army-owned naval yard in Fujian.
The court valued the vessel at RMB59.04m ($8.58m) and the starting price for the vessel in the auction is RMB47.23m. MSI’s valuation of the vessel is $9.4m.
Guiqin Shipping, a domestic dry bulk operator, has been under court-led restructuring since 2015. The company currently has two handy bulkers in its fleet.