Asia/Pacific News
Another Arrested Vessel Up for Auction in Singapore
A second vessel subject to arrest in Singapore will be sold at auction later this month, records from The Supreme Court of Singapore show.
The 735 TEU feeder vessel Star Jupiter was detained in March following action by local Singaporean firm Asia Practice.
The Sheriff noted that bunkers valued at a non-negotiable S$130,500 ($92,400) are on-board the vessel, the total for which would also have to be paid by the purchaser.
Online vessel valuation service VesselsValue.com has assessed Star Jupiter's current market value to be $3.71 million, down from its $3.85 million valuation at the time of arrest.
Bids are to be made no later than 3.00pm on September 14,2015 and must be made with a deposit of S$50,000.00 ($35,400).
Also up for auction this month is the Malaysian-flagged chemical tanker Imbak, following it's arrest in March over a dispute with Singapore bunker player Sky Oil & Gas Asia Pte (Sky Oil).
