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Kunpeng, China's first LPG tanker was auctioned for just over 43million yuan (US$5.21 million) after 15 years in service, 1.55 million more than it cost to build, the Southern Metropolitan News reported Tuesday (July 20th).
With a capacity of 3,000 cubic meters, Kunpeng has played an important role in transporting gas from northern China to southern China. It was built in December 1990 by the Jiangnan shipyard for the Huizhou Fuel Industrial Corporation (HFIC).
HFIC leased the ship with US$500 million in loans from the Bank of China's Huizhou Branch in 1990 but never repaid the loan or the interest.
The company also borrowed 6 million yuan from the bank in 1998 which was also not repaid.
The Huizhou People's Intermediary Court ordered HFIC to repay the loans, but the HFIC did not obey the order.
The tanker was auctioned in the Guangzhou Maritime Court on July 15 with a reserve price of 8 million yuan.
Editor: Catherine
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