Asia/Pacific News
Supply Vessel Sold in Singapore High Court Admiralty Action
A supply vessel has been sold under a court-ordered admiralty process in Singapore, raising SGD 18.47 million ($14.39 million) in proceeds now held by the court.
The vessel, Spec Nichole, was sold on March 9 pursuant to an order of the High Court of Singapore in an admiralty action in rem brought by the Export-Import Bank of China against the vessel’s owner and/or demise charterer, as per the Government Gazette notice on Friday.
Under admiralty law, such actions are brought directly against the vessel, allowing courts to arrest and ultimately sell the ship to satisfy outstanding maritime claims.
The court confirmed that the proceeds of the sale have been paid into court, triggering a 90-day moratorium period during which the priority of claims will not be determined.
During this period, any party seeking to pursue claims against the vessel or the proceeds of its sale must take steps to proceed to judgment before the deadline expires.
“Any person having a claim against the ship or the proceeds of the sale thereof on which they intend to proceed to judgment should accordingly do so before the expiration of the Moratorium Period,” the notice states.
Following the moratorium, the court will assess and rank claims against the fund, typically including those from lenders, crew, and suppliers, before distributing the proceeds accordingly.
The Liberian-flagged vessel was arrested in Singapore last year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 1015.50 | 54.50 | 1822.50 | 50.50 |
| Rotterdam | 847.50 | 32.00 | 1358.50 | 71.00 |
| Houston | 836.50 | 20.00 | 1315.50 | 11.00 |
| Fujairah | 1074.50 | 29.50 | 1744.50 | 53.00 |
| APAC Average | 1174.50 | 13.50 | 1685.00 | 1.00 |
| Global 20 Ports Average | 1053.00 | 4.50 | 1601.50 | 0.00 |
| Global 4 Ports Average | 943.50 | 18.00 | 1560.00 | 11.00 |
| Global Average Bunker Price | 1068.00 | 19.00 | 1532.00 | 7.00 |
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