Greater ChinaShipyards

Round two for Nantong Mingde Heavy Industry auction on Taobao

Nantong People’s Court has announced that it will hold the second online auction for bankrupt Nantong Mingde Heavy Industry via Taobao on January 20.

The starting price is RMB1.268bn ($195m), down 21% from the RMB1.586bn ($244m) starting price for the first auction which was held on December 13 but failed to attract any bidding.

Nantong Mingde Heavy Industry was one of the largest chemical tanker builders in the world, applied for bankruptcy on, July 31 2015. Fellow shipyard Sainty Marine had applied to restructure Mingde as its largest creditor, however was thrown out from the restructuring by the receiver of Mingde in June.

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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