The vessels of Latvian bunkering firm Vexoil Bunkering will undergo auction at the Riga District Court between March 27 to April 26, according to the official gazette of the Republic of Latvia Latvijas Vestnesis.
Vexoil Bunkering received a loan of EUR 11.115 million ($13.61 million) for the purchase of Ellina, Dmitrijs and West Lynda from Latvian commercial bank Rietumu Banka, showed information from Latvia legal and company database Firmas.lv, as reported by LETA.
The company was unable to repay the loan on time; hence the bank has decided to recover the debt via an auction process.
Starting price at the auction has been set at EUR 63,000 for Ellina, EUR 83,000 for the Dmitrijs and EUR 270,000 for the West Lynda.
A report from The Baltic Course noted Vexoil Bunkering posting EUR 461,119 in profit on a turnover of EUR 2.742 million for 2016. The company, established in 2001, belongs to Reinis Inkens (20%) and Dmitrijs Cebotarjovs (80%).
The official website of Vexoil Bunkering is not in operation.
Photo credit: Freeport of Ventspils authority
Published: 6 April, 2018
Majority of the sum comprised of USD 101,403.78 awarded to the bank as part of an earlier arbitration decision on 14 February 2019.
Bunkering firm was claiming a total US $328,350.67 from two unpaid bunkering contracts issued in November 2017.
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