Zhejiang Jiahai Logistic Co, a Ningbo-based company, recently won an auction for a bulk cargo ship worth over 100 million yuan ($14.3 million) hosted by Zhejiang Shipping Exchange Co, a Zhoushan-based company.

The auction, which was held on an online ship bidding platform, is expected to be the biggest auction deal in China this year, according to local authorities.

Zhejiang Shipping Exchange Co was founded more than 20 years ago and has annual turnover of more than 4.5 billion yuan.

"The platform was built and has been operated by our company. More than 300 deals worth over 1.9 billion have been completed on the platform since it was launched in August 2014," said an employee at the company.

Liu Zhongping, a senior employee at Zhejiang Jiahai Logistic Co, said: "The services provided by the online platform are very professional and satisfactory. That's the main reason why we chose to buy a ship through the platform."