Tongcheng Shipping bulker to be auctioned by court

Tongcheng Shipping bulker to be auctioned by court

Guangzhou Maritime Court will hold an auction for the 2011-built 7,200 dwt bulk carrier Tong Cheng 702 via online platform Taobao on May 6 at the request of creditor bank ICBC.

ICBC filed a lawsuit against the ship’s owner Guangdong Tongcheng Shipping due to a loan dispute last year and the court ruled to detain and auction the vessel off to repay the debt.

The starting price for the vessel in the auction is RMB13.87m ($2.06m) while the VesselsValue valuation of the vessel is $4.56m.

Tongcheng Shipping mainly operates in the domestic bulk shipping business with a fleet of five bulkers ranging from 5,800 dwt to 7,200 dwt. The company is currently involved in a series of court cases due to its financial difficulties.

 

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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