Ukraine is to tender for a manager to operate a seized Russian bulker trapped in the port of Chornomorsk since the 2022 invasion.
The Asset Recovery & Management Agency (ARMA) wants to run the 73,000-dwt Emmakris III (built 2000) as a grain storage vessel, with exports growing and storage space at a premium.
The bulker was formerly controlled by Russia’s Linter.
Most ships trapped in Ukraine when the war started have been released, but the Emmakris III was always seen as unlikely to be allowed out of the Odesa port.
“ARMA is announcing a competition to select a manager for the bulk carrier,” the agency said.
“Following a decision of the investigative judge of Pecherskyi District Court in the city of Kyiv, the vessel was transferred to ARMA for management purposes.”
ARMA said it inspected the bulker and prepared the necessary documents to put it up for tender.
“The vessel is in satisfactory condition and can be used, in particular, as a floating grain storage to handle and keep dry goods,” it added.
The estimated value of the ship is UAH 109m ($2.65m), it said, citing an appraiser it named as Jurformat.
VesselsValue assesses the Emmakris III as worth $8m.
The process to find a manager will be carried out via the electronic procurement platform Prozorro.
The ship is 225 metres long and has seven holds.
It is berthed near the railway and ferry complex at the port.
Costs going up
“Over the past year, the cost of grain storage has increased significantly, which is associated with an increase in the cost price and an increase in the risk of product storage,” said ARMA deputy chairman Stanislav Petrov.
“Considering the limited capabilities of the Odesa region’s port infrastructure for the transshipment of bulk [grain] cargo, this asset may have a high investment interest for market operators.”
In 2016, TradeWinds reported that Linter had quickly built up a fleet of five bulkers.
The Rostov-on-Don-based company had emerged as the new operator of a panamax duo sold by KC Maritime, the 73,400-dwt Darya Shanthi (built 2001) and sister Darya Tara (built 2000).
They were renamed Emmakris I and Emmakris III. The latter cost $3m.
