The Ming-Xi-Jiu-Yue: Crew Feedback and Vessel Data

In a significant maritime transaction, a vessel has been sold at auction for $6.6 million to buyers from China. This sale underscores the continuing interest of Chinese investors in maritime assets, reflecting their expanding footprint in the global shipping industry.

In a notable development, the Ningbo Maritime Court has scheduled an online auction for the bulk carrier 'Xia Zhi Yuan 7' on January 18, 2017. This vessel, previously owned by the now-defunct Zhejiang Xiazhiyuan Ship Management, finds itself in this position following the company's bankruptcy, triggered by its owner Xia Hanren's abrupt departure from China in 2015 to evade escalating debts. The court has since taken control of the company. The initial bidding price for the 'Xia Zhi Yuan 7' starts at RMB 24.3 million (approximately $3.5 million). Additionally, the court has announced plans to auction two offshore supply vessels, 'Haochi 7' and 'Haochi 9', also tied to Zhejiang Haochi Offshore Engineering, another entity associated with Xia Hanren. Documents from the court reveal that creditors have filed claims totaling RMB 2.2 billion (about $316 million) against the company. Zhejiang Xiazhiyuan Ship Management is also in possession of another semi-submersible vessel, 'Xia Zhi Yuan 6', which remains under contract. The creditors have agreed to maintain the current contract status in hopes of facilitating debt recovery and attracting new investments.