China Sells Ships Online

Image: Varada Marine Group

By Aiswarya Lakshmi

Chinese Maritime Court has sold five vessels of
bankrupt Wenzhou Shipping, subsidiary of Zhejiang Shipping Group,
through online auctions on Taobao.com for a a total price of
$22.81m.

The auctioned ships include 2011-built 57,000-dwt supramax bulker
Zhe Hai 167, 2009-built 33,400-dwt handysize bulker Zhe Hai 162,
2009-built 23,500-dwt handysize bulker Zhe Hai 156 , a tugboat
and an oil barge.

Singapore-based company Varada One's vessel was auctioned off on
online shopping platform Taobao for $11.7, Xinhua news agency
reported.

The VLCC Varada Blessing is 1993-built, 300,000 dwt tanker.

According to the Xinhua report, courts in China are now
increasingly auctioning seized property online. More than 120
courts in Guangdong have registered on Taobao's judicial sales
platform, with online auction sales by the sector in the province
jumping from 100 million yuan in 2014 to 10 billion yuan in 2016.

Feb 24, 2017

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