Shanghai’s Maritime Court will auction off a United Arab Emirates (UAE) flagship container vessel on May 28. The transaction was provoked by a dispute between a German bank and UAE shipping company ABU Dhabi Co. Lines over an outstanding loan, reported Xinhua. Earnings from the auction will be used to pay off the company’s debts in line with relevant legal procedures.
The German bank filed an application with Shanghai Maritime Court in January to detain the Adclsheba ship, which was undergoing repairs in the region. As the shipping company failed to produce payment installments by March, the court decided to auction off the vessel to minimize losses for ABU Dhabi Co. Lines. — (menareport.com)
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