Ningbo Maritime Court has announced that it will auction two ships of defunct Hong Sheng Gangtai Shipping.
The whole management team from the Shanghai-based company went missing in February this year, leaving huge debts behind. The company has since suspended operations.
The two ships are bulk carrier Gang Tai 16 (13,492dwt, built 2008) and multi-purpose vessel Gang Tai 79 (10,100dwt, built 2009). The starting price for the two vessels is RMB11.4m ($1.78m) and RMB11m ($1.72m) respectively.