Ocean Tankers sees another ship forced to go under the hammer

Source Lloyd’s List vom 14.12.2011

Another tanker belonging to troubled Cyprus-based shipowner Ocean Tankers is being sold at auction, having been arrested — adding to the growing list of Ocean Tankers’ ships being forcefully sold as the company struggles for survival. The sale at auction in Cape Town, South Africa, of the 2008-built, 12,923 dwt combined chemical and oil tanker Vasi is the latest in a line of Ocean Tankers’ vessels being sold off by the Royal Bank of Scotland due to a lack of mortgage repayments. RBS has forced the sale this year of a handful of other vessels operated by Ocean Tankers after the company defaulted on a $284m mortgage facility. Sales reportedly include that of tanker Marim, Prodromi, Anefani , Lisa, Berengaria and Frachtis. Ocean Tankers has hit out at the bank, claiming RBS “tricked the company” after it ended support and started confiscating vessels. Ocean Tankers said the bank’s actions were “possibly due to their inability to reach an agreement as a result of the problems that the banking system faces”. The company blamed its financial problems on low spot rates and lower-than-expected proceeds received from a legal ruling, among other factors. According to Admiralty Shipsales in South Africa, the auction sale of Vasi is scheduled for January 12 next year. Roy Martin from Admiralty Shipsales told Lloyd’s List on Wednesday Vasi was arrested in Cape Town on around November 15. RBS “pulled the plug”, said Capt Martin. “They decided enough is enough.” Contrary to expectations amid this year’s harsh economic circumstances, he said he has not seen a noticeable rise in arrested vessels and auction sales this year. This could change, however. Analysts say if low freight rates persist for tankers next year, arrests and forced sales could creep up. The potential development next year will not please Ocean Tankers, which takes a firm, even vitriolic, stance against the forced sales of its ships. “We believe that the confiscations of ships and their sale [at] humiliating prices is wrong,” the company said. It added: “It is neither rational nor acceptable for the banks to sell the ships in auctions, losing $240m instead of helping and supporting the company with $10m for the safe operation of the fleet, until the crisis ends.”