China’s Qingdao Maritime Court has announced that it will auction a 36,000-dwt multi-purpose cargo vessel that is currently under construction at Shandong Huahai Shipbuilding.
Following a dispute between the shipbuilder and the buyer Yantai Pacific Offshore, the court has kept the vessel under its custody.
The auction decision was taken after Shandong Huahai failed to pay its guarantee for the vessel and its financial obligations to Yantai Pacific Offshore within a timeframe set by the court.
Qingdao Maritime Court has confirmed the auction date to be on 28 November for the vessel Huahai 1001.
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