Arrested oil tanker sells on auction in Durban for R164-million

A large 2006 Korean built chemical and oil tanker has been sold on auction in Durban for R164-million by online auctioneers Clear Asset. The vessel, named ‘Pretty Scene’, belonged to the Parakou Group in Asia and was under judicial arrest in Durban.

The vessel, purchased by a Chinese buyer, measures 183m in length, 32.2m in breadth and has a gross tonnage of 30,068.

The auction was hotly contested and took over 45 minutes to reach a final bid price of US$12-million, approximately R164-million excluding the additional payment for Bunker fuel at US$ 288 282 (R3,9-million).

This is the 5th major international vessel sale by Clear Asset in the last 23 months, with 2016 confirming US$40 million for commercial maritime arrests.

Bowmans were acting on behalf of Credit Agricole Asia Ship Finance (the applicant) and instructed premier maritime and mining auction house, Clear Asset to take the vessel to public auction. As per conditions stated in the Court Order, the vessel was to be sold within 90 days of the Final Court Order dated 01 Nov 2017.

Auctioneers Clear Asset saw global interest coming from Nigeria, Brazil, USA, Greece, the UAE and across Asia. The second highest bidder was from Greece.

Comments Clear Asset MD Ariella Kuper, “There is no doubt that we are seeing an increase in such vessels going to auction. The key to this sale was to ensure a central portal for swift due diligence as a means to facilitate preparation by international participants. Thereafter, such interest was supported by inspections on board the vessel, with approval being required in advance by the Sherriff and launches onto the vessel (at anchorage) arranged by court appointed Agents, Rennies.’’

The auction took place at the premises of Bowmans in Durban, the correspondent law firm in the matter.
Source: Bowmans