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Arrested oil tanker worth $15-million to go on auction in Durban

Clear Asset featured in yesterday’s issue of Sunday Times. The company will be taking to auction an oil tanker valued at R210 million.

Oil Tanker for Auction

An oil tanker valued at approximately $15-million was arrested in June 2016 in Durban. It will be sold at auction on 05 December. The Korean vessel, built in 2006 and named ‘Pretty Scene’, currently belongs to the Parakou Group in Asia. The auction, set to take place in Durban, comes following a court order.

The vessel measures 183m in length, 32.2m in breadth and with a gross tonnage of 30,068. It is the fourth vessel of similar scale and nature to make its way to a South African auction floor in the last 18 months. Last year, the Sadan K and Zeynep K were successfully disposed of for a combined $20 million. This was also done in Durban, on behalf of UniCredit in Germany. In November 2016 the Mv Maverick Guardian, anchored in Namibia, was successfully auctioned for $14.94 million on behalf of Credit Suisse.

The auction will be conducted by online auctioneering company Clear Asset. Comments Managing Director and Auctioneer Ariella Kuper of Clear Asset, “A decision was taken by the applicants not to conduct any dry dock repairs prior to sale, which in turn means her special survey is over-due and she will require a re-classification before the successful purchaser is able to trade with her. Despite this, her overall condition is strong.’’

A dispensation from the USA has granted the Ballast Water Treatment System (WBTS) extension to the vessel further to 30 July 2020. This is an additional value-add on a commercial level.

The auction for the vessel will take place on Tuesday, 05 December 2017 at 10h00 at Bowman’s premises in Durban. Bowmans are the Correspondent attorneys acting for Credit Agricole Asia Ship Finance Ltd.

Full information can be found on www.clearasset.co.za or contact ariella@clearasset.co.za – +27 79 8999 998 (mobile)/ +27 21 418 2630 (office).