Taizhou Shipping, the bankrupt subsidiary of Zhejiang Shipping Group, has sold the last four ships in its fleet via auction at Zhejiang Shipping Exchange.
The four bulkers Zhe Hai 351, Zhe Hai 352, Zhe Hai 353 and Zhe Hai 354 have been sold to unnamed Chinese domestic buyers for RMB63.89m ($9.38m) in total.
Taizhou Shipping, along with its sister firm Wenzhou Shipping, went into a liquidation process in a debt restructuring by parent Zhejiang Shipping Group in 2016.
In February, Zhejiang Shipping received a capital replenishment of RMB2bn from its parent Zhejiang Communications Investment Group for debt structure optimization. The company downsized its fleet from 47 to 24 bulkers and targeted a return to profit by the end of 2017.