Bulker auctioned to pay debts

Jul 2, 2003
Author: P&S

A Cypriot-registered bulk carrier Planet, 23,930-dwt, was sold at auction in Durban today after coming under judicial arrest.

The 176.6m long ship, which was built by Veb Mathins Thesen Werft Wismar in Germany in 1986, came under the baton of auctioneer Captain Roy Martin of Admiralty Shipbrokers and has been acquired by Tai interests for an amount of USD3.8 million, which is slightly above the reserve price of USD3.65m.

Planet was previously owned by Nemalia Shipping and managed by Navitrade. The vessel went aground off Lagos in West Africa suffering hull plate damage in the process. After temporary repairs and refloating the ship sailed to Durban where Dormac Ship Repair performed repairs in the Durban dry dock between April and May, involving new steel plate to the bottom hull and other work.

Shortly after leaving dry dock however the vessel was attached under court order on behalf of the mortgage bank and other creditors and was moored at the Durban inner anchorage.

Further details and pictures of the vessel are available on the Admiralty Shipbrokers’ website at www.admiralty.co.za

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