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 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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