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Singapore: “Ocean Porpoise” fetches USD 9 million through court auction

18 Jan 2022

The Bank of America, N.A., Singapore Branch has raised a total of USD 9 million (exact: USD 9,081,000) from the sale of the 11,998 dwt oil/chemical tanker Ocean Porpoise through a Singapore court auction held on 11 January 2022, according to a Friday (14 January) post on the Government Gazette.

“The proceeds of the said sale amounting to USD 9,081,000.00 have been paid into Court on the 11th day of January 2022,” stated the court.

“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.

“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.”

Manifold Times in early September 2021 reported the Ocean Porpoise, together with Ocean GobyOcean Manta, and Ocean Jack, being arrested between 23 to 29 August 2021 following a winding up order against Ocean Tankers (Pte.) Ltd (Singapore UEN No. 197800020G) made at the General Division of the High Court of the Republic of Singapore on 16 August 2021.

The Ocean Manta and Ocean Jack has fetched a total of USD 18.8 million through a Singapore court auction held on 28 October 2021.

The development follows a Manifold Times report published in early August 2021, where 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.

The legal team of Ocean Tankers in late July published a public notice for the company to be placed under judicial management on 6 May 2020.

Earlier reports regarding the above development can be found below:

Related: Singapore: Court auctions “Ocean Manta” and “Ocean Jack” for USD 18.8 million
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 / smp
Published: 18 January, 2022

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