Zhejiang Shipping Exchange has sold the 2011-built AHTS Feng He 8006 through its online auction platform for a price of RMB20.7m ($3.08m).
The ship’s owner Zhejiang Jiaolong Group, an offshore engineering service provider, sold the ship to Zhoushan Port Group in 2013 and as part of the agreement, Jiaolong promised to buy the ship back after five years.
However, Jiaolong was unable to purchase the ship back due to it suffering financially. The company’s entire fleet has been sold and it is on the verge of bankruptcy with lawsuits against the company stacking up. The company has been put onto the credit blacklist by a court.