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Seven bulkers to be auctioned in Guangzhou

Seven bulk carriers owned by Guangdong Lanhai Shipping, a Chinese bulker operator, will be put on auction block to repay bank loans. The bulker carriers are identified as the five supramaxes Lan Hai Dong Feng, Lan Hai Ying Xin, Lan Hai Qian Jin, Lan Hai Lian He and Lan Hai Yang Fan, and the two panamaxes of Lan Hai Xu Ri and Lan Hai Yang Guang, a statement of the Guangzhou Maritime Court said today. The seven bulkers will be auctioned by the court on 18 September with bottom prices of between around CNY130M ($21M) and CNY160M each. The vessels were delivered from 2010 to 2011, according to IHS Maritime Sea-web.com. Also, all the bulkers are currently detained at seven Chinese ports. Earlier this year, the Guangzhou Maritime Court ruled that Guangdong Lanhai Shipping should pay off bank loans due last year to the China Construction Bank. The bulker operator has not made any payment yet, according to the court.