Mingde receiver to auction off abandoned bulker

Mingde receiver to auction off abandoned bulker

The receiver of bankrupt shipyard Mingde Heavy Industry will auction off an abandoned bulk carrier at the shipyard.

The vessel MD153 was one of four 38,000 dwt vessels abandoned by Canadian owner Algoma, which won an arbitration award against the shipyard and collected refunds for the abandoned vessels.

The auction of the vessel will start on online platform Taobao on August 7, with the starting price set for RMB58m ($8.57m).

The receiver of Mingde managed to sell abandoned vessel MD152 via auction in February.

In January, Nantong Xiangyu Offshore Equipment took over Mingde Heavy Industry for RMB576m ($83.8m).

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts