Ningbo Maritime Court is going to auction Ningbo Pacific Shipping's 6,7119dwt bulker carrier Tuo Zhan 7 via online platform Taobao on March 6, at the request of creditor Bank of Communications.

Bank of Communications filed a lawsuit against Ningbo Pacific Shipping at the court in November 2015, as the latter had been unable to repay bank loan of RMB57m (US$8.29) in total.

The vessel is currently detained near Zhoushan. The starting price for the auction is RMB20.6m (US$3m).

Another two vessels belonging to Ningbo Pacific Shipping, Tuo Zhan 1 and Tuo Zhan 2, were sold in auctions in January at the request of Bank of Communications.