Company puts more ships up for sale

Four more ships from Chang Jiang Shipping Group Phoenix Co Ltd will be put up for auction, bringing the shipping company one step closer to delisting.

Five ships from the Wuhan-based shipping firm already went under the hammer earlier this year, the Securities Daily reported on Tuesday.

Shenzhen-listed Phoenix said there will be another four ships sold by auction on Dec 14 in Wuhan, Hubei province.

Phoenix lost about 500 million yuan ($82 million) in net profit from January to September. If the company cannot return to profit this year it may be delisted from the main board.