An auction held in Singapore last Wednesday for the arrested 500-gt anchor handling tug supply vessel SwiberValiant (built 2007) came to an inconclusive end as no bidders were willing to offer an amount that met the minimum reserve price placed on the vessel.
Officials at the Sheriff of Singapore’s office said that they are awaiting further instructions from the High Court to arrange a second auction.
The Swiber Valiant was arrested in August by Luxembourg-based asset financier PK AirFinance (PKAF), which claimed the single-shipowning company Southsea was in default of loan covenants after parent Swiber Holdings filed for judicial management.
It demanded immediate payment of the $17m outstanding.
Online database VesselsValue this week assigned a market value of just $2.46m to the ship.
