Qingdao Maritime Court has announced it will auction Zhenghe Shipping's bulker Zheng He 12 at the request of twelve crew who have contract disputes with the company.

It is the second Zhenghe Shipping vessel to be auctioned by the court within a month. In December, the court ruled to auction the company's bulker Fu Shan Wan at the request of another six crew of Zhenghe Shipping.

The auction for Zheng He 12 will start on Feb. 26.

Currently, Zhenghe Shipping is in the middle of a financial crisis, and was sued by a number of employees earlier this year over unpaid salaries.