An aframax tanker auction that was expected to set a new benchmark price was called off at the very last minute, TradeWinds has learned.
Varun Asia’s 106,000-dwt Ocean Mare (ex-Amba Bhargavi, built 2006), was scheduled to go under the hammer in Singapore this past Tuesday but court officials say that the owner managed to secure its release from arrest at the last minute, a move that resulted in the auction being cancelled.
Even though no benchmark has been set, the ship did attract significant buyer interest as no less than 11 bids were received prior to Tuesday.
The Ocean Mare was arrested in Singapore in May by shipmanager V Ships.
Last week Varun Shipping managing director Yudhishthir Khatau travelled to Singapore to negotiate a settlement agreement with V Ships in order to have the ship released.
