Guangzhou Maritime Court will hold an auction for the 2011-built 7,200 dwt bulk carrier Tong Cheng 702 via online platform Taobao on May 6 at the request of creditor bank ICBC.

ICBC filed a lawsuit against the ship’s owner Guangdong Tongcheng Shipping due to a loan dispute last year and the court ruled to detain and auction the vessel off to repay the debt.

The starting price for the vessel in the auction is RMB13.87m ($2.06m) while the VesselsValue valuation of the vessel is $4.56m.

Tongcheng Shipping mainly operates in the domestic bulk shipping business with a fleet of five bulkers ranging from 5,800 dwt to 7,200 dwt. The company is currently involved in a series of court cases due to its financial difficulties.