Ningbo Merchant Shipping bulker to be auctioned

Ningbo Merchant Shipping bulker to be auctioned

Ningbo Maritime Court has announced that it will auction Ningbo Merchant Shipping’s bulk carrier Wan Yang 36 on online platform taobao.com on August 11 at the request of Bank of Communications (BOC).

Ningbo Merchant Shipping signed loan agreements with BOC in 2012 and pledged two bulk carriers, Wan Yang 36 and Wan Yang 12, as collateral.

BOC filed a lawsuit against Ningbo Merchant Shipping in 2015 as the company had not been able to make the repayments according to the contract and applied to auction the two vessels.

Wan Yang 12 has already been sold through an auction earlier this year. The starting price for Wan Yang 36 is RMB32.8m ($4.9m).

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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