Posted February 20, 2018 08:00:02 A Chinese-flagged cargo ship with over 300 people on board has been sold for a record $6,770 million, according to the auction house.

The Sydney-based Maritime Group and its China-based China Lines Corp have put the vessel on the market for $8.2 million, a record for a Chinese flagged ship.

The vessel, which is the first Chinese flagged vessel to ever be sold in Australia, is owned by the Chinese government.

The buyer is a Chinese shipping company, Shanghai Maritime Group.

“It’s an iconic piece of maritime heritage and the sale is a real honour for our community,” said Mr Wang, a spokesperson for the company.

The ship is built by the same firm as the flagship of the Shanghai-based Caspian Maritime, which has been at the helm of the ship for more than three decades.

The Maritime Group is the second major buyer of a Chinese-flag flagged vessel after the $3.6 billion sale of the Tianjin-class ship.