Shanghai: Haikou Maritime Court announced that it will put two ships of the financially troubled Hainan Linhai Shipping up for auction on December 10 at the request of Haikou Haikong Loan Company.
The two multi-purpose vessels, Lin Hai 588 and Lin Hai 288, are currently detained at Hainan Xinying port. The estimated auction price for the two vessels is RMB12.54m and RMB9.33m respectively.
Earlier this year, Hainan Linhai and its related companies were jointly sued by Haikou Haikong Loan Company due to a loan dispute. The local court has also frozen land property partly owned by the company. [11/11/14]