Last Union Rich Shipping vessel sold at auction

Last Union Rich Shipping vessel sold at auction

Ningbo Maritime Court has sold a 1997-built multi-purpose heavy list vessel Ying Rich via an online auction.

The heavy lift vessel, which is also capable of carrying 650 teu containers, was detained by the court at the request of creditors of the company. It was sold to individual buyer Zhong Zhe for RMB7.2m (1.06m), lower than $1.96m valuation by VesselsValue.

Shanghai-based Union Rich Shipping mainly operated in the domestic shipping business and following the sale its entire fleet has been cleared out.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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