The International Foundation for Aids to Navigation (IFAN) has sold its only ship as it raises funds for core work in the Middle East.

The not-for-profit organisation, which maintains navigation infrastructure for vessels, said a deal has been agreed for the 82.6m-loa multipurpose platform supply vessel Relume (built 2004).

No buyer or price has been given for the Romanian-built ship, but VesselsValue assesses it as worth $16.6m.

The Dynamic Positioning 2 vessel is equipped to support the latest marine survey technology, IFAN said.

It has played an important role in supporting the work of IFAN subsidiary Middle East Navigation Aids Service (Menas) in the region.

The Relume was commissioned in the Netherlands and entered service as a light tender serving the maritime community.

It “gained an enviable reputation as a combined offshore/multi-role offshore support vessel,” IFAN said.

During its time with the foundation, the vessel has been employed on short and long-term contracts in the oil and gas industry and the renewables sector.

Chief executive Peter Stanley said the sale was necessary because the group wants to concentrate on its two core activities: providing aids to navigation (AtoN) services through Menas; and supporting international projects to enhance safety.

“The Relume was originally built in 2004 for the support of AtoN work in the Middle East Gulf, but due to the rapid advancement of AtoN technology, it quickly became underutilised and was repositioned to make a positive contribution to IFAN through commercial trading,” he added.

Right time to sell

“As has been reported in the annual accounts, IFAN chose to follow this strategy and keep the option of further AtoN work open, but now the market conditions are right to realise a reasonable value seen by an alternative owner.”

Rising costs mean IFAN is increasing its fees for the first time in 17 years.

Shipowners will pay 21% more for its services from 1 October.

A wider pool of vessels will also be asked to pay navigational dues.