Qingdao Maritime Court has announced that it will auction bulk carrier Cabot Aviva, owned by Hong Kong-based Reliance Shipping, at the request of China’s Bank of Communications.
Bank of Communications applied for the auction due to a loan contract dispute with Reliance Shipping. The vessel was pledged as collateral in the contract and is now detained at Qingdao. It will be auctioned on February 29.
The court has required creditors related to the vessel to register within 60 days and bidders are required to pay a fund guarantee of RMB2m to join the auction.