Manifold Times | Singapore: Court auctions “Ocean Manta” and “Ocean Jack” for USD 18.8 million


Bank of America, NA, Singapore Branch raised a total of US $ 18.8 million through the sale of tankers / chemical tankers Ocean manta and Ocean jack through a Singapore court auction held on October 28, 2021.

11,999 dwt under the Gabonese flag Ocean manta (IMO No. 9809069) was sold for USD 9,690,000 while the Singapore-flagged 12,000 dwt Ocean jack (IMO # 9812418) was sold for $ 9,110,000, according to an article published Wednesday January 5 in the Government Gazette.

The proceeds from the sales were paid to the court on December 30, 2021.

“All matters affecting the priorities or the validity of a party’s claim to the proceeds of the sale of the Vessel, except as provided herein and affecting the amount of such claim, shall not be determined until after the expiration of a period of 90 days from the day on which the proceeds of the sale are paid to the court, ”said a statement from the High Court of the Republic of Singapore.

“Any person having a claim on the vessel or the proceeds of the sale thereof on which he intends to proceed to a judgment must therefore do so before the expiration of this period.”

the Ocean manta and Ocean jack, both previously under the management of Ocean Tankers (Pte.) Ltd, were placed under Sheriff’s arrest in the Port of Singapore between 23 and 29 August 2021 after several judicial directors of Ocean Tankers filed for liquidation of the company with the General Division of the High Court on July 12, 2021.

Related: Singapore: four oil / chemical tankers from Ocean Tankers (Pte.) Ltd arrested
Related: Singapore: Ocean Tankers’ liquidation claim must be heard by a court
Related: Ocean Tankers legal team publishes request for judicial management
Related: Claims for judicial management for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to prevent Rajah & Tann law firm from representing troubled HLT & OTPL

Photo credit: MarineTraffic / Maurice James Napier
Posted: January 6, 2022

Leave a Reply

Your email address will not be published. Required fields are marked *