Two bulkers from bust JES set to be auctioned

Two bulkers from bust JES set to be auctioned

Two bulkers from bankrupt Jiangsu Eastern Shipbuilding (JES) will be auctioned by Wuhan Maritime Court via online platform Taobao on February 27.

The two 82,000 dwt vessels, Archon and Agenor, were originally ordered by Shipping Corporation of India in 2010. Later the contracts were resold to Greek company Blue Planet Shipping, which cancelled the contracts after JES ceased operations in 2015 after its restructuring plan was rejected by the local court.

According to auction files, the construction of the two ships is basically finished but relevant certifications haven’t not been completed yet.

The starting auction price for each ship is RMB69.6m ($10.9m) and proceeds from the sale will be used to repay debts to creditors.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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