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

06 Jan 2022

The Bank of America, N.A., Singapore Branch has raised a total of USD 18.8 million from the sale of oil/chemical tankers Ocean Manta and Ocean Jack through a Singapore court auction held on 28 October 2021.

The Gabon-flagged 11,999 dwt Ocean Manta (IMO No. 9809069) was sold for USD 9,690,000 while the Singapore-flagged 12,000 dwt Ocean Jack (IMO No. 9812418) was sold for USD 9,110,000, according to a Wednesday (5 January) post on the Government Gazette.

Proceeds of the sales have been paid into Court on 30 December 2021.

“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,” said a statement from the High Court of the Republic of Singapore.

“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 Ocean Manta and Ocean Jack, both formerly under the management of Ocean Tankers (Pte.) Ltd, were placed under Sheriff’s arrest at Singapore port between 23 to 29 August 2021 after joint and several Judicial Managers of Ocean Tankers submitted an application for the winding up of the company to the General Division of the High Court on 12 July 2021.

Related: Singapore: Four oil/chemical tankers under Ocean Tankers (Pte.) Ltd arrested
RelatedSingapore: Ocean Tankers winding up application to be heard in court
RelatedOcean Tankers legal team publishes application to be placed under judicial management
RelatedJudicial management applications for Hin Leong Trading and Ocean Tankers delayed
RelatedLim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL


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

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