Xiamen Maritime Court has sold the 2011-built 32,900 dwt handymax bulker Sheng An Da 69 in an online auction today.
The vessel was owned by Guangxi-based Guiqin Shipping, and the auction was requested by the company’s creditor PLA 4807 Shipyard, a Chinese army-owned naval yard in Fujian.
Fujian-based Fuqing Lianyida Industries, a company mainly engaged in the business of construction materials, bought the vessel at the auction for a price of RMB76m ($10.8m). MSI’s valuation of the vessel is $9.4m.
Guiqin Shipping, a domestic dry bulk operator, has been under court-led restructuring since 2015.