Two bulk carriers of financially troubled Zhejiang Qinfeng Shipping have been sold by Ningbo Maritime Court via auction at the request of creditor Bank of Communications.
Qinfeng Shipping, a domestic bulk shipping operator, pledged the two bulk carriers Qin Feng 1 and Qin Feng 88 to the bank in two separate loan deals in 2013 and 2014. The bank decided to sell the vessels as Qinfeng Shipping was unable to repay the loan.
2009-built 13,389dwt Qin Feng 1 was sold to Wuhan Chuangxin Jianghai Shipping for RMB20.38m ($2.95m) and 2010-built 16,120dwt Qin Feng 88 was sold to individual Ying Shenghui for RMB14m ($2.03m).
So far most Qinfeng Shipping vessels have been sold to repay debt, and it currently has only two handy bulkers left, Qin Feng 219 and Qin Feng 318.