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  • CNY 403.3 million! a new record for Taobao judicial auction of vessel– Wang Jing & Co. assisted a Greek buyer in bidding VLCC

  • DATE:2019-11-21
  • On November 20, 2019, Wang Jing & Co assisted a Greek buyer in successfully bidding the VLCC M. T. “Brightoil Gem” (the “vessel”) at Taobao Judicial Auction Platform of the Haikou Maritime Court, at the price of CNY 403.3 million (about USD 57.52 million). The auction of this vessel has created the highest ship auction record of Taobao Judicial Auction Platform.

    M. T. “Brightoil Gem” used to belong to Brightoil Petroleum, and the ship’s particulars are: length 333.14m, breadth 60m, moulded depth 30.4 meters, deadweight about 300,000tons. The evaluated value of the vessel is more than USD 60 million. It is the largest and most valuable vessel ever seized and auctioned by the Haikou Maritime Court since its establishment. As Brightoil Petroleum failed to repay the loan on schedule, the Haikou Maritime Court arrested the vessel on January 4, 2019 according to the pre-litigation maritime preservation application filed by BNPPARIBAS. Later, the Court approved the ship auction application put forward by BNPPARIBAS. Thus far, the ship is the only vessel under Brightoil Petroleum that was arrested in mainland China by its creditors. Large tankers under Brightoil Petroleum that have been arrested include VLCC “Brightoil Grace” and Aframax “Brightoil Lion” arrested and sold in Singapore, VLCC “Brightoil Glory”, VLCC “Brightoil Galaxy” and Aframax “Brightoil League”, Aframax “Brightoil Lucky” and Aframax “Brightoil Legend” arrested in Hong Kong, and VLCC “Brightoil Gravity” arrested in South Korea.

    The bidding price started at CNY 390 million. The auction has attracted wide attention from shipping field and media at home and abroad. There were 78633 times of review of the auction website page. After 32 rounds of fierce bidding, Wang Jing & Co. finally assisted the client in successfully bidding the vessel below the evaluation price. The client is very satisfied with this purchasing price.

    The case is handled by Mr. John Wang, the executive managing partner. Previously, John and his team had assisted foreign buyers in successfully bidding the Capesize “Five Stars Fujian” at the Taobao judicial auction platform of the Beihai Maritime Court on August 11, 2018, at the price of RMB 170.6 million (USD 24.8 million), which created “Three Highest” records (the highest starting price, highest single transaction amount and highest premium amount) of this court’s judicial auction since the establishment. On December 7, 2018, John and his team assisted foreign buyers in successfully bidding the Capesize "Five Stars Beijing" at Taobao judicial auction platform of the Ningbo Maritime Court, at the price of RMB 158.4 million (USD 23.07 million).

    There are various obstacles in the practice of judicial auction of high-value foreign vessels. The professional legal services provided by our firm to shipowners in terms of preliminary consultation, ship inspection, transaction planning, bidding strategy and delivery of ship have laid a solid foundation for the success of bidding and delivery of vessel, which has been highly praised by clients.

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