CSC Phoenix has received a civil ruling from Wuhan Maritime Court that the court will auction three of its vessels Chang Hang Bo Hai, Chang Hang Hui Hai and Chang Hang Jiang Hai under a request from creditor bank Shanghai Pudong Development Bank as CSC Phoenix has been unable to repay its loans.
The three vessels suffered operational losses of $5.93m in total in 2012 and $3.88m in the first six month of this year.