Haikou Maritime Court Successfully Auctioned Off the "M.T. Brightoil Gem" with a 403.3 Million Yuan Bid -- The Amount Hits a New High in the Taobao Judicial Auction Platform
At 10:44 am on November 20th, the “M.T. Brightoil Gem” was successfully auctioned off by Haikou Maritime Court with a 403.3 million yuan bid, which hits a new high in the Taobao Judicial Auction Platform’s records since this platform started.
The "M.T. Brightoil Gem" was owned by the Brightoil Gem Tanker Ltd. Company. Because of this company hadn’t paid the loan on schedule, according to the application for maritime preservation before litigation of the BNP PARIBAS, Haikou Maritime Court detained the "M.T. Brightoil Gem" on Jan.4th 2019 and then approved the application for a tanker auction of the BNP PARIBAS. Through many rounds of mediation and consultation in and after the trial, both parties voluntarily achieved an agreement during the mediation hosted by Haikou Maritime Court. The Brightoil Gem Tanker Ltd. Company agreed to pay the debt by the amount of the auction.
The "M.T. Brightoil Gem" is 333 meters long and 60 meters wide. Its moulded depth is nearly 30 meters and its carrying capacity is more than 300,000 tons. The estimated value of this tanker is more than 60 million US dollars and it is the largest tanker with the highest value that detained and auctioned by Haikou Maritime Court.
In order to promote the auction smoothly, Haikou Maritime Court published the auction and announcement of credit registration on China Daily (overseas version), People’s Court Daily, Lloyds communications, TradeWinds, etc. And the Court organized four groups of prospective buyers to inspect the tanker on board. This auction attracted more than 77,400 onlookers and 660 people set the reminders. After 32 rounds of intense bidding, it was finally clinched a deal in the first round of the auction at a premium. After the auction of the "M.T. Brightoil Gem", Haikou Maritime Court will distribute the auction amount according to law, combining with the registration of creditor's rights.