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Chinese court seizes chemical tanker at Jiangyan Shipbuilding in Ezhou
A Chinese court has seized a chemical tanker being built at Jiangyan Shipbuilding after the privately-owned yard defaulted on loan repayments over the ship financing terms, Seatrade Asia online reports. The chemical tanker was seized on Wednesday afternoon following a visit by court officials to the yard in Ezhou city, Hubei province. A few years ago the shipbuilder had borrowed RMB10m ($1.6m) from an unnamed local financial institution, but defaulted on loan repayments that were due recently, according to reports. The seized vessel was worth approximately RMB67m, according to an official from the Chinese yard. The ship was built for a Greek shipowner under a 2008 twin vessel deal worth a total of RMB152m.
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