1.Carefully read the auction announcement.
2.Carefully read the auction rule
3.Inspect the auction lot
4.Apply and pay the deposit. (After the commencement of an auction, the application cannot be submitted and the deposit cannot be paid).
5.Where you fail the auction, the deposit will be refunded to you. Where you win the bidding, please sign the Transaction Confirmation, pay the balance, and conduct the delivery of the physical auction lot in accordance with the auction announcement.
Apply and Pay Deposit：
1.Payment times: You shall pay the deposit every time you participate in an auction.
2.Payment mode: E-bank or offline bank transfer. Because the sum of the auction lot is very high, the amount of the deposit is high too. For the e-bank, please confirm the limit for single payment. The payment of the deposit shall be completed at a time.
3.Deposit confirmation: Subsequent to the successful transfer of the deposit, you shall fill in the bank transfer no. on the page of My Application and then await our verification.
4.Freeze period: Where you wins the auction, the deposit you have paid will be directly transferred to the seller’s account; where you fail, the deposit you have paid will be unfrozen within one to two banking days, and will be returned to your account within three to five working days.
5.Deadline: You cannot apply for the bidding and pay the deposit XX hours prior to the commencement of the auction. We suggest that you pay the deposit X days prior to the auction in case that you miss the auction because of any problem of the payment of the deposit.
6.Successful application: The application will be successful when the deposit reaches the account and the verification is passed by Eshiptrading.com. Where you do not offer any bid during the auction, the deposit will be refunded within one to two banking days after the close of the auction. Please refer to the banking day for the arrival time thereof.
1.Bidding qualification: You shall gain the bidding qualification through the application and the payment of the deposit.
2.The first bid shall only be the starting price.
3.Bid increment: N time(s) the bid increment (N>=1, and N is an integer).
4.Where the current bid is the highest one, the bidder who gives the price shall not bid again. Only when another bidder offers a higher price can the former one bid again.
5.The number of times of bids is limitless. A bidder can bid during an auction. A bidder does not need to conduct the bank transfer every time he or she bids.
6.Auction period prolongation: In the last two minutes of an auction, where a bidder offers a bid, the auction will be automatically delayed for two minutes. (Please see the countdown on the page)
7. Transaction Conditions
(1)There is one bidder at least and the highest bid is higher than the starting price;
(2)Where there is a reserve price, the highest bid shall be not less than the reserve price.
Conditions for Successful Auction
1.There is a bidder who has successfully paid the deposit within the period stipulated with a valid auction number. In addition, where there is no reserve price, the bidder gives the highest bid; where there is a reserve price, the bidder’s highest bid is not less than the reserve price;
2.Subsequent to the auction, the bidder shall sign the Transaction Confirmation within the period stipulated;
3.Only when the said two conditions are met can a transaction happen.
1.Subsequent to a successful auction, the deposit is deducted as a part of the total transaction amount and escrowed by Eshiptrading.com.
2.In accordance with the auction announcement, the balance shall be paid through the offline bank to Eshiptrading.com and escrowed by Eshiptrading.com.
Settlement and Delivery
Subsequent to the bidder’s payment of the balance, Eshiptrading.com will check if the balance has reached the account. Please conduct the physical delivery and legal transfer of the ship and handle relevant transfer procedures. Where you need the commission or other services, plea.se click the button “Commission Us” in the “Services” channel.
1.Where you fail the auction, the deposit will be directly returned to the designated account during the application. Where no account has been provided for receiving the deposit to be returned, the deposit will be returned in the same matter it was received.
2.Return time: The deposit will be returned within one or two banking days subsequent to the close of the auction. The deposit will reach the designated account within three to five banking days.
If the refund fails, which happens very rarely, please contact our customer service staff for manual return.
What will happen if you fail to buy the lot as the winning bidder?
The commercial auctions on Eshiptrading.com are protected by laws. After you win the bid for a ship, your deposit will be automatically deducted as part of the ship’s payment. Where you fail to pay the balance as a winning bidder, your deposit will be confiscated as liquidated damages. The seller can authorize Eshiptrading.com to auction the ship once again.