World News
Court Orders Greek-Managed Bulker to be Sold At Auction
Greek-managed bulker Porto Maina will be sold at auction in Aruba following the foreclosure of its mortgage by Germany-based Commerzbank, TradeWinds reports.
The sale is set for October 15, 2014.
Data from online fleet intelligence and information service VesselsValue.com, who values the vessel at $8.5 million with a scrap value of $1.8 million, indicates the 18,700dwt Porto Maina was built in 2008 with a registered owner of Porto Maina Maritime of the Marshall Islands.
It was managed by Greece-based Phoenix Shipping & Trading.
The ship is currently lying off the coast of Aruba.
Greece's Court of First Instance ruled on September 3 that Commerzbank could foreclose, and the bank reserves the right to privately sell the ship before the auction with court approval.
Another Greek-owned ship also fell behind in its debts earlier this year, having owed $1.2 million after being stranded in the Delaware river.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 628.00 | 1.00 | 736.50 | 0.50 |
| Rotterdam | 569.00 | 10.00 | 730.50 | 23.00 |
| Houston | 591.00 | 3.50 | 770.50 | 6.00 |
| Fujairah | 626.50 | 4.50 | 886.50 | 5.00 |
| Global 20 Ports Average | 644.00 | 2.00 | 825.50 | 0.00 |
| Global 4 Ports Average | 603.50 | 0.50 | 781.00 | 3.00 |
| Global Average Bunker Price | 700.00 | 0.00 | 883.50 | 0.50 |
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