Cargo ship auctioned online

0 Comment(s)Print E-mail Shanghai Daily, January 6, 2016
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A cargo ship has been auctioned off by Shanghai Maritime Court as a pledged asset on China's largest online shopping platform taobao.com.[People.cn]

A cargo ship has been auctioned off by Shanghai Maritime Court as a pledged asset on China's largest online shopping platform taobao.com.

The maritime court became the first Shanghai court to hold auctions on taobao.com, which turned out to be a more efficient and economical way to realize the creditor's rights.

The 6,927-ton ship, "Shunfu," registered with Nanjing Shundao Shipping Company, was sold on December 30 for 7.7 million yuan (US$1.18 million) after an online auction that lasted for 13 hours. The court said five bidders took part in the auction which attracted more than 7,100 online spectators. Shundao shipping company had a contract dispute with Shanghai Pengdun Oil and Chemical Company.

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