Credit Suisse is selling off two more bulkers from the fleet of Switzerland-based SAM Shipping in auctions to be held in Singapore and India.
The lender, which holds a mortgage on the ships, has brought in UK admiralty broker CW Kellock to conduct the sales of the 57,200-dwt SAM Jaguar and SAM Hawk (both built 2013).
The SAM Hawk was arrested at Mundra in India in May by the Swiss lender.
The bank claims $23.7m is outstanding under the loan it provided in 2012 to finance both this vessel and the SAM Jaguar, according to an order filed by the High Court of Gujarat in Ahmedabad.
The Singapore Supreme Court has now ordered the sale of the SAM Jaguar as well.
August sale lined up
A date will be announced later this month, with 4 August a possibility.
The High Court in India is also preparing the sale of the SAM Hawk. Its condition will be assessed by the court’s valuer this month.
Another SAM Shipping bulker, the 32,600-dwt SAM Eagle (built 2010), will be sold in an online video auction in the US on 15 July.
TradeWinds is told a number of buyers have already registered to bid, and several have conducted their own inspections in Corpus Christi.
Credit Suisse obtained an order in June in the District Court of the Southern District of Texas to sell the handysize.
Bidding will start at $3.75m. VesselsValue puts the ship's value at $5.6m.
The effort will be the second video auction held by CW Kellock, following the sale of Smooth Navigation’s 24,306-dwt handysize bulker Evolution (built 1995) in May.
TradeWinds reported in May that the SAM Eagle was one of a number of SAM Shipping bulkers targeted by Credit Suisse.
FIMBank arrest
It was arrested by trade financier FIMBank in the US last September and remains in detention.
The move was an indirect result of a bitter dispute between the ship operator and Malta’s FIMBank over an alleged bill-of-lading fraud.
In March, SAM Shipping chief executive Dennis Saevski told TradeWinds: "We are working hard and are committed to continue to service our clients and other stakeholders during these unprecedented and challenging times."
At the time, he acknowledged that the SAM Jaguar would be taken back by its financier because of an inability to find "common ground" with the bank and because of FIMBank's long arrest of the SAM Eagle.
Members of two prominent Russian and Azerbaijani families — including the president of Azerbaijan’s son-in-law — have emerged as the ultimate beneficial owners behind SAM Shipping.
