Court To Auction Grandfame Handy Bulker

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According to an article published in Splash 247, Ningbo Maritime Court will hold an auction to sell the 2010-built 35,000 dwt handy bulker Oriental Dragon on July 10.

Vessel auctioned

The auction was requested by Chinese leasing firm Far East Horizon, which offered a loan to On Best Shipping, an affiliate company of Hong Kong-based Grandfame Ship Management, to purchase the vessel in 2013.

Far East Horizon filed a lawsuit against On Best in 2017 as the latter failed to repay the loan.

Fleet strength and value

The vessel’s valuation by the court is RMB29.57m ($4.27m) and the starting price for the vessel in the auction is RMB28m ($4.05m).

Grandfame currently operates a fleet of 11 vessels, made up of seven bulkers, two boxships, and two tankers.

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Source: Splash247

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