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Ningbo Maritime Court Successfully Sold MV ¡°Xiazhiyuan 6¡± by Auction at 0.2 Billion RMB

    On September 26th, 2017, Zhoushan tribunal of Ninbbo maritime court sold MV ¡°Xiazhiyuan 6¡± owned by Zhejiang Xiazhiyuan Ship Management Ltd. at 0.2 billion RMB, the highest hammer price in the Court¡¯s auction history.

    The Xiazhiyuan Group has engaged in carriage of goods by sea and ocean engineering business for more than a decade. The Goup owns 8 subsidiaries, including Zhejiang Xiazhiyuan Ship Management Ltd., Zhejiang Haochi Ocean Engineering Ltd., Zhoushan Rongjin trade Ltd. and so on. The Group possesses 4 ships, with shipping capacity of 690,000 tons in total, which makes it the top in international shipping industry in Putuo District of Zhoushan. MV ¡°Xiazhiyuan 6¡±, about 380,000 deadweight ton, is the first self-propelled and semi-submerged ship invested by a private-owned company in China. The company¡¯s actual controller Xia Hanren and Wang Hongxia (couple) have been out of contact since January 19th, 2015. Due to a preliminary survey, Zhejiang Xiazhiyuan Ship Management Ltd. and its affiliated companies have owed to the bank with debts of 1.511 billion RMB. 8 subsidiaries of the Xiazhiyuan Group were declared bankrupt by Zhoushan Putuo People¡¯s Court on November 11th, 2016, and Ningbo Maritime Court was entrusted to sell all related ships via judicial auction.

    Zhoushan Tribunal has completed the auction of all ships owned by the Xiazhiyuan Group, and MV ¡°Xiazhiyuan 6¡± will be delivered in due course according to law.

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