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Court orders auction of six Lanhai Shipping vessels

Court orders auction of six Lanhai Shipping vessels
The now-defunct Chinese shipowner Lanhai Shipping will seek to sell six of its vessels via a public auction for the second time, according to an announcement by Guangzhou Maritime Court.

The date of the auction has been set on 10 December 2014.

The dry bulk vessels to be put on auction include Lanhai Chuangye priced at RMB95.44m ($15.51m), Lanhai Tuozhan at RMB95.44m, Lanhai Liliang at RMB116.22m, Lanhai Fenjing at RMB113.94m, Lanhai Fazhan at RMB87.94m, and Lanhai Chaoyang at RMB145.91m.

An earlier auction a few months before had failed to attract any buyers as the vessels were believed to be overvalued.

Lanhai Shipping has a total of about 20 ships being forced by the banks to be put on auction. The Guangdong-based shipowner is reportedly no longer paying its vessel mortgage loans to the banks.

Lanhai Shipping has also cancelled a total of 15 shipbuilding contracts at Chinese shipyards including Rongsheng Heavy Industries, Yangfan Group, Xiamen Shipbuilding Industry, Sanfu Shipbuilding, and Nanjing Wujiazui Shipbuilding.

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