Ningbo Maritime Court has announced it will auction a 27,000dwt bulk carrier Xia Zhi Yuan 7 online on Jan. 18. The starting price for the vessel is RMB24.3m ($3.5m).

The vessel was owned by Zhejiang Xiazhiyuan Ship Management, which went bankrupt after its boss, Xia Hanren, fled China to escape from mounting debts in 2015. The company has since been taken over by the court.

Meanwhile, the court also ordered to auction two offshore supply vessels Haochi 7 and Haochi 9 under Zhejiang Haochi Offshore Engineering, a company controlled by Xia Hanren.

The court has received total debt claim of RMB2.2bn ($316m) from the creditors of the company, showed a court file.