CHANG RONG 6

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Ship to be auctioned

One day after securing a government bailout, the cash-strapped Chinese domestic liner operator Antong Holdings has begun selling assets to raise cash. On Oct 15, 2020, Antong’s administrators announced that from Oct 22-23, all the assets of the group’s wholly owned subsidiary, Guangxi Changrong Shipping, will be auctioned on Chinese e-commerce site Taobao. Guangxi Changrong is the vessel-owning vehicle for the 'Chang Rong 6', with bids starting from CNY43.34 million (US$6.45 million). She has a current market value of US$5.08 million. In May, Guangxi Changrong had sold or transferred ownership of a sister ship, the 'Shang Hang 1' (ex Guang Rong 5), to Zhaoshang Antong Logistics. The latter company was incorporated in September 2019 and is owned by China Merchants Port Holdings (40%), Quanzhou Antong IoT (40%), another Antong subsidiary, and Shandong Xincheng Hengye Group (10%), which is owned by the Qingdao municipal authorities. On Oct 14 , Antong, which operates a liner service through subsidiary, Quanzhou Ansheng Shipping, announced to the Shanghai Stock Exchange that administrators had signed a restructuring agreement with a government-led joint venture to bail out the group. The JV, Fujian China Merchants Ports Logistics Management Partnership was incorporated on 4 September and is owned by China Merchants Port Holdings (44.44%), AVIC Trust (33.33%) and Quanzhou Jiaofa Real Estate Investment (22.22%).