Macao Dragon ferries to be sold to pay crew

Two catamarans operated by Macao Dragon will be sold to pay the bankrupt ferry operator’s debts, a Hong Kong court declared on Monday, starting with about HKD 7.4 million still owed to the crew.
The ships, named Shen Long and Tian Long, were seized by a law firm acting on behalf of the Macau branch of the Bank of China last September in relation to unpaid loans of HKD 160 million.
And, according to South China Morning Post, a judge ordered the ships to be appraised by a ship broker and a surveyor appointed by the chief bailiff. The average of the two figures will set the price for an international tender, with the vessels currently parked in Hong Kong Harbour sold to the highest bidder.
The process should take up to two months.
Although the court decision came after a request from Bank of China, the 70 workers – including ferry captains, onboard maintenance staff and cabin attendants – who are owed about HKD 7.4 million will be the first in line to be paid in case the ships are sold.
Nigel Binnersley, a lawyer acting on behalf of the crew admitted that it could take up to four months before the crew receives payment. Proceeds from the ship sales will be held for 45 days to allow all creditors to file their claims.
One shipping expert told the Hong Kong newspaper it was difficult to estimate how much the 440-tonne ships were worth. “They could be suited to high-speed services in the Mediterranean, Europe or the Americas, but they are big ships carrying 1,200 people, and the economic situation in the West may deter buyers,” he said.
Singapore’s Marinteknik Shipbuilders built the boats originally for the Spanish market but the buyer did not take delivery. After two years they were put into service thanks to Hong Kong businessman David Liang Chong-Hou, a major shareholder at both Marinteknik and Macao Dragon.
The budget ferry operator ceased operations in September and called in liquidators after a run of just 14 months. The Macau Consumer Council has received 61 complaints from ticketholders claiming a total of MOP 32,337.