The Hellenic Shipping News has announced a public bidding for the chemical/oil tanker "XIN AO TAI 1" on 26th August 2026, from 15:00 to 15:30 Beijing time. The tanker, built in 2010 by Zhejiang Aotai Shipbuilding Co., Ltd., has a gross registered tonnage (GRT) of 11,270, a net registered tonnage (NRT) of 5,188, a length overall (LOA) of 145.5 meters, and a maximum loaded draft (MLD) of 8.784 meters. With a deadweight tonnage (DWT) of 16,731.21 tonnes, it has a capacity of 20,298.484 cubic meters (m3) and is flagged under Liberia. It is classified by CCS and its main engine is supplied by STX Engine Co., Ltd., a MAN B&W 7S35MC-MK7 model with a power output of 5,180 kW at 173 revolutions per minute (rpm).
Bidding Rules
The bidding will take place online via shipbid.net. The starting bid is set at USD 10.2 million, with a bidding deposit of USD 1.02 million (or RMB 7 million). The bid increment is a multiple of USD 0.02 million. The auction will enter an extension cycle after 15:25 on the 26th of August 2026, with each new bid resetting the countdown to 5 minutes.
Registration for bidders is open from the date of the announcement until immediately before the start of the auction, with a recommendation to pay the deposit 3-5 banking days in advance to avoid any issues. The purchase price will be settled in US dollars, with any cross-border RMB payments requiring an additional USD 1.02 million to be paid separately within three banking days after the auction confirmation is signed.
Additional Details
The tanker is being transferred by its current owners, and the sale will be subject to a reserved price. If the highest bid upon closing is below the reserve, the auction will be deemed unsuccessful. The bidding company will return the RMB deposit to the buyers via the original payment channel within two banking days of receiving the USD deposit without interest.
What this means for operators
The upcoming auction for the "XIN AO TAI 1" will provide an opportunity for shipping operators to acquire a well-specified chemical/oil tanker at a potentially attractive price. Given the tanker's age and specifications, it will be of particular interest to operators seeking to expand their chemical or oil transportation fleet. The stringent bidding rules and the need for a significant upfront deposit will ensure only serious operators participate, potentially leading to a fair and transparent transaction.
