Singapore: “Yangtze Harmony” auctioned for SGD 4.8 million in admiralty action

Business

Published Thu, 15th June 2023
by Admin

Creditors having a claim against the ship or proceeds of the sale thereof on which they intend to proceed to judgement should approach court within 120 days.

The High Court of the Republic of Singapore on 1 June received SGD 4.8 million [exact: SGD 4,780,000] (USD 3.56 million) over the sale of the Liberia-flagged livestock carrier Yangtze Harmony, according to a Government Gazette post which was published on Wednesday (14 June).

The notice said Yangtze Harmony was sold pursuant to an order of the High Court of Singapore in the admiralty action in Rem against the ship between Posh Projects Pte Ltd and the owner or demise charterer of the vessel, dated 17 May 2023.

“The order of priority of all claims against the proceeds of sale of the Vessel, Bunkers, and interest earned thereon, shall not be determined until after the expiration of one hundred and twenty (120) days, beginning with the day on which the proceeds of sale are paid into court (the Moratorium Period),” it stated.

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

Manifold Times previously reported the vessel, which was under arrest in Singapore, was sold to an unnamed buyer on 1 June after it was arrested by law firm Rajah & Tann Singapore, as executed by the Sheriff’s Office, Supreme Court, on 25 October 2022.

The creditors for Yangtze Harmony includes Posh Projects Pte Ltd and Glander International Bunkering.

According to the Maritime and Port Authority, the vessel was arrested pursuant to an application by Posh Projects Pte Ltd to secure its claim for unpaid sums due and owing under a towage contract for the towage of the vessel from Brisbane, Australia to Singapore. The Supreme Court then granted a judicial sale of the vessel on 18 January 2023 and the bidding and sale process is underway.

Yangtze Harmony has been the centre of piling bunker claims with Glander International Bunkering (Norway) AS, through its Singapore group company Glander International Bunkering Pte. Ltd., seeking payment of USD 115,963.52 (not including contractual compensation and interests) from the vessel’s demise charterer.

Manifold Times also reported Rajah & Tann Singapore lawyers representing Ireland-registered bunkering firm Peninsula Petroleum Limited were scheduled to be present at the High Court of the Republic of Singapore on 19 January to seek repayment of a bunker claim from representatives of Yangtze Harmony.

Peninsula Petroleum was seeking an unpaid USD 206,000 (exact: USD 205,827.43) under Invoice No. 10I206258 in respect of bunker fuel and/or lubricants supplied to the livestock carrier during September 2022, according to court documents obtained by Manifold Times.

Photo credit: Marine Traffic / Stain Marin
Published: 15 June, 2023

Singapore: “Yangtze Harmony” auctioned for SGD 4.8 million in admiralty action

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