Pann Persero panamax sold in auction in China

Pann Persero panamax sold in auction in China

China’s Tianjin Maritime Court has sold the 1995-built panamax bulker Kayu Putih via online platform Taobao yesterday as a result of a financial dispute between the ship’s Indonesian owner Pann Perseero and Chinese yard Shanhaiguan Shipbuilding.

Shanhaiguan Shipbuilding filed an application with the court to detain the 69,100 dwt vessel in 2016 as the owner had been unable to make payment and later the court has ruled to auction off the vessel to cover the shipyard’s losses.

The vessel has fetched a price of RMB19m ($2.76m) and has been sold to individual buyer Zheng Minfeng in the auction.

According to data on VesselsValue, Pann Persero operates a fleet of 33 vessels comprising of 23 bulkers, two feeder boxships, four tankers and four OSVs.

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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