Dongfang Shipbuilding ordered by court to auction two bulkers

Financially-troubled Dongfang Shipbuilding has been ordered by a local court to auction two dry bulk carriers that are currently under construction.

Ningbo Maritime Court announced that the two bulkers of 9,000 dwt each, Jin Yin Da 23 and Jin Yin Da 24, will be auctioned on the afternoon of 2 September 2014.

Zhejiang-based Dongfang Shipbuilding had in June this year auctioned assets worth RMB160m ($26m) that included industrial buildings and land use rights located in Ma Dao Tou town in Zhejiang province.

Since 2008, Dongfang Shipbuilding has failed to repay its debts owned to several banks, resulting in the seizure of its tankers by the creditors and forcing the company to shut down its yards and lay off scores of workers.
Source: Seatrade Global