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Liquidated Wenzhou Shipping sells five vessels on Taobao

Author: Posttime:2017-02-23 08:58:42

China’s bankrupt Wenzhou Shipping has sold five vessels over the country’s largest online shopping website Taobao.

Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, liquidated its assets and sold the five vessels at a total price of RMB156.93m ($22.81m) via Taobao.
The amount of RMB156.93m closed for the sale of the ships was 27.2% higher than the auction price of RMB123.4m.
The auctioned ships included 2011-built 57,000-dwt supramax bulker Zhe Hai 167 sold for RMB67m, 2009-built 33,400-dwt handysize bulker Zhe Hai 162 sold for RMB50.2m, 2009-built 23,500-dwt handysize bulker Zhe Hai 156 sold for RMB33.88m, a tugboat sold for RMB3.8m and an oil barge sold for RMB2.05m.
The Chinese shipowner was declared bankrupt by a local court in October 2016 due to mounting debts. The parent firm Zhejiang Shipping had itself completed a restructuring last year, leaving its subsidiaries Wenzhou Shipping, Taizhou Shipping and Wuzhou Shipbuilding all bankrupt.
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