Another tanker that was previously managed by Marvin Shipping of Greece is about to be sold in an online auction, following a claim by its mortgagee.
The 158,000-dwt Marvin Star (built 2009) was arrested by the High Court of Namibia following an application by private-equity financier Wilmington Savings Fund Society FSB as collateral agent and ACT Maritime LLC.
The lenders had provided a loan to the South Korean-built tanker's registered owner, the Marshall Islands-registered company Panormos Crude Carriers Ltd.
The ship was commercially managed by Marvin Shipping Services from mid-2017 until June this year.
The Marvin Star will be sold in an online auction on 25 November at 9.00am (GMT), which will be conducted via MS Teams by auctioneer Ariella Kuper of Cape Town-based Solution Strategists.
Kuper said an independent condition survey is currently underway, being undertaken by a master mariner to assist prospective bidders. The vessel is currently at an anchorage in Namibia.
Interest in the auction has been shown by parties in Greece, India, West Africa, Europe, North America and Russia over the past week, she told TradeWinds.
Before Marvin took over, the ship was managed for almost three years by Sapid Shipping and by Irano Hind Shipping before that, according to Equasis. Both companies have links to Islamic Republic of Iran Shipping Lines (IRISL) and all three are subject to US sanctions today.
But neither the vessel nor its registered owner are subject to any international sanctions, according to correspondent law firm Bowmans, which is acting for Wilmington.
The vessel traded unhindered before being arrested by the mortgagee in Namibia and Panormos Crude is not an Iranian-linked entity, the firm added.
The sale of the Marvin Star was challenged during court proceedings in Namibia, when an entity called Prime Paradise International intervened, claiming to be the vessel's "de-facto owner".
But Prime Paradise has not arrested the vessel to enforce its claim and its arguments were rejected by the court, which ordered the judicial sale of the tanker.