Arrested oil tanker “Lai Bao” sold under Singapore High Court auction

The Naru-flagged tanker Lai Bao (IMO 9444807), a vessel formerly known as Bossoil 1, has been sold at an auction on 11 December under an order of the High Court of Singapore dated 25 November.

The proceeds of the sale amounted to SGD 1,448,000 (USD 1.07 million) have been paid to the court on 11 December, the court said in a public notice published on Tuesday (17 December).

“All questions affecting priorities or the validity of the claim of any party to the proceeds of sale of the Vessel except as herein provided and affecting the amount of any such claim shall not be determined until after the expiration of 90 days beginning with the day on which the proceeds of sale are paid into court,” it stated.

“Any person having a claim against the ship or the proceeds of the sale thereof on which they intend to proceed to judgment should accordingly do so before the expiration of that period.”

The 6,500 dwt chemical and oil product tanker is the subject of a claim by Singapore-based Staroil Energy Pte Ltd which was seeking payment of bunkers totalling approximately US $117,700 in May 2019.

Related: Singapore: Arrested oil tanker “Lai Bao” put up for sale by sheriff’s office
Related: Staroil Energy seeking bunker claim from ex-operator of oil tanker “Lai Bao”

Photo credit: MarineTraffic / saik chon lee
Published: 18 December, 2019