Guangzhou Shipping Exchange has announced it has been commissioned by China Construction Bank and China EXIM Bank to auction two 79,441dwt bulkers from bankrupt Guangdong Lanhai Shipping on March 24.

The two vessels Lan Hai Kua Yue and Lan Hai Shi Ji are currently berthed at Nanjing Wujiazui Shipbuilding. Lan Hai Shi Ji is an unfinished vessel and construction has been suspended.

The reserve price for the two vessels is RMB48.43m (US$7.44m) and RMB39.24m (US$6.03m) respectively.

Lanhai Shipping went bankrupt along with its parent company Guangdong Lanyue Energy in 2014. As a major creditor, China Construction Bank (CCB) have held auctions for eight bulkers owned by the company in 2015.