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Bankrupt Shandong Huahai’s last newbuilding auctioned off

A handysize bulk carrier still under construction at the now bankrupt Shandong Huahai Shipbuilding in China has been auctioned to an unnamed buyer for $6.75m, brokers say.

The Long Fortune (36,000 dwt), formerly known as Huahai 1001, is scheduled for delivery in June. The seller is listed as Qingdao-based Highrich Logistics, which Equasis states is its commercial manager. The beneficial owner is unknown.

The vessel was earmarked for auction by the Qingdao Maritime Court on November 28, 2014, when a dispute arose between the shipyard and Yantai Pacific Offshore, which ordered the vessel in 2010, according to brokers’ records.

Shandong Huahai failed to repay its guarantee for the vessel and its financial obligations to Yantai Pacific Offshore within a timeframe set by the court.

Highrich attempted to sell the bulker to an unnamed Chinese company for $13.8m, but the sale failed.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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