Ningbo Pacific Shipping bulker to be auctioned

Ningbo Pacific Shipping bulker to be auctioned

Ningbo Maritime Court is going to auction Ningbo Pacific Shipping’s 67,119dwt bulk carrier Tuo Zhan 7 of via online platform Taobao on March 6, at the request of creditor Bank of Communications.

Bank of Communications filed a lawsuit against Ningbo Pacific Shipping at the court in November 2015, as the latter had been unable to repay bank loan of RMB57m ($8.29m) in total.

The vessel is currently detained near Zhoushan. The starting price for the auction is RMB20.6m ($3m).

Another two vessels belonging to Ningbo Pacific Shipping, Tuo Zhan 1 and Tuo Zhan 2, were sold in auctions in January at the request of Bank of Communications.

Ningbo Pacific Shipping mainly offers domestic coal shipping service, and the company has been suffering financial difficulties since 2013.

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.

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