Reviews & Ratings for the Hon-Fa

A recent investigation has brought to light a striking case of maritime fraud that has raised eyebrows across the shipping industry. This particular incident revolves around a cargo vessel, allegedly owned by a bank, which has remained idle since 2015. Despite the passage of time, there hasn't been any crew on board, highlighting the dubious nature of the situation. The debts associated with the vessel have proven to be fictitious, further supporting the notion that the sale itself is a fraudulent scheme designed to deceive stakeholders. This unprecedented case serves as a reminder of the ongoing challenges within maritime operations and underscores the need for vigilance against financial misconduct in the industry.

In a notable maritime event, the Ningbo Maritime Court in China has successfully auctioned the 2001-built panamax bulk carrier, Primrose, through the popular online platform Taobao. Abandoned in Chinese waters for the past three years, the 74,700 dwt vessel was previously owned by UniCredit Leasing, an Italian firm, and managed by the well-known Italian shipping company, D’Amato di Navigazione. The Primrose has been docked at Zhoushan’s ZTHI Shipyard since D’Amato’s bankruptcy led to the dismantling of its fleet in January 2022. The vessel was seized by the court following a lawsuit filed by its crew, who alleged that they had not received their salaries. Additional grievances were raised, including considerable debts owed by the owner for dockage fees to ZTHI Shipyard. In the court auction, the bidding commenced at RMB44 million ($6.5 million), but ultimately concluded at a winning bid of RMB35.5 million ($5.28 million). This transaction marks a significant turn for the Primrose and its future as it enters a new phase under fresh ownership.