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Chinese Cargo Vessel Auctioned to Vietnamese Firm
A Chinese cargo ship has been auctioned to a Vietnamese company at a price of 2.1 million yuan ( about 253,000 US dollars).
This is the first time that a foreign company wins a bid to buy a vessel in Shandong Province. The buyer is based in the Vietnamese city of Ho Chi Minh.
The vessel, which belonged to the debt-ridden Weifang International Ocean Shipping Company was put up for auction on June 27, ordered by the Qingdao Maritime Court in eastern China coastal province.
The vessel, "Weiguang," was auctioned after Weifang International Ocean Shipping Company had failed to follow the court ruling to pay a debt of 400,000 yuan to a local company, Qingdao Lingshan Shipping Industry Co., Ltd.
In March this year, the court detained "Weiguang" when the ship anchored at the port of Xiamen in east China's Fujian Province and ordered its auction.
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