Vessel faces auction
THE Guangzhou Maritime Court will auction the Russian-flagged Karaganda, owned by Russia's Baltic Shipping Co, on January 20 to pay money owed to Shenzhen Moscow Industry and Trade.
The vessel was arrested on September 29 after Baltic Shipping failed to provide a guarantee of US$3 million in the case filed by Shenzhen Moscow, which disputed delivery of cargo under bill of lading.
The auction order was made on December 1 on the application of Shenzhen Moscow for a judicial sale of the Karaganda.
The court has appointed a board of auction and invited domestic and foreign companies with ability to pay in hard currency to take part in the sale.
All creditors with rights against the vessel have been asked to register their claims by February 20.
The public auction will be held at Mellen Village in Shekou, near where the 24-year-old 12,530 deadweight tonne vessel is moored.
