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).