Seized oil tanker to be auctioned off

AN oil tanker placed under arrest in Durban in June last year will be sold by auction on December 5.

The auctioneers said yesterday that the Korean vessel‚ built in 2006 and named Pretty Scene‚ belongs to the Parakou Group in Asia. Its home port is registered as Hong Kong.

The auction‚ set to take place in Durban‚ follows a court order.

The tanker is valued at about $15-million (R210-million)‚ according to the auctioneers.

The Hellenic Shipping News reported recently that the tanker was linked to a long-running contract dispute between a company called Galsworthy Limited and Parakou Shipping.

Galsworthy was awarded damages by a London arbitration process, while in Singapore the liquidator of Parakou Shipping has instituted action against its former directors and related corporate entities‚ seeking to claw back assets for distribution to creditors.

In South Africa‚ enforcement action in respect of the two awards had been taken against the vessel Pretty Scene in Durban, the shipping news report stated.

Measuring 183m in length‚ 32.2m in breadth and with a gross tonnage of 30 068‚ the oil tanker is the fourth vessel of similar scale to make its way to a South African auction floor in 18 months.

The auction will be conducted by online auctioneers Clear Asset.

Managing director and auctioneer Ariella Kuper said: “A decision was taken by the applicants not to conduct any dry dock repairs prior to sale‚ which means her special survey is overdue and she will require a reclassification before the successful purchaser is able to trade with her.

“Despite this‚ her overall condition is strong.”

For auction details, go to http://www.clearasset.co.za/asset/view/7732 – TimesLIVE