The last ship owned by financially troubled Swiss owner SAM Shipping has been sold in a court-led auction in China.
In an online auction held by Tianjin Maritime Court, at the request of a creditor bank, the 2012-built 57,200 dwt SAM Wolf was sold for RMB77.57m ($11.9m), much lower than VesselsValue‘s valuation of $14.56m.
The buyer of the vessel is Xiamen Hanghuan Shipping.
VesselsValue data shows the vessel was the last vessel in the fleet of SAM. In the past year, most of the company’s vessels have been sold off in auctions.