An arrested oil tanker has been sold on auction in Durban for R164-million. PICTURE : SUPPLIED

Durban - An arrested oil tanker has been auctioned off for R164 million.  The vessel, owned by the Parakou Group in Asia, attracted much international interest after it was under judicial arrest in Durban. The vessel, Pretty Scene, 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).

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.
According to Ariella Kuper, Clear Asset Managing Director, there is 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,” Kuper said.

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

Daily News