Lanhai fleet goes for the third round of auctions

Lanhai fleet goes for the third round of auctions

Shanghai: Guangzhou Maritime Court has announced that six bulk carriers belonging to Guangdong Lanhai Shipping are going to a third round of auctions.

Since the company defaulted on loans to local branches of China Construction Bank and Bank of China last year, the court held auctions for the vessels in November and December last year, but didn’t manage to sell them.

Founded in 2004, Guangdong Lanhai Shipping had been engaged in domestic and international cargo transportation, coal trading and port investment. The company went bankruptcy in August last year, with a total of 20 ships going to auction to repay debts.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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