Singapore’s High Court has finally managed to rid itself of a bulk carrier previously owned by China’s Highrich Logistics that has been under arrest since March 2018.
An undisclosed buyer picked up the 37,300-dwt bulker Long Bright (built 2012) at auction at the end of March for $7.9 million. The price is well below the estimated market value of $10.6m that online platform VesselsValue pegs on it as a trading vessel.
Officials at the Sheriff of Singapore’s office confirmed to TradeWinds on Monday that the ship has been handed over to its new owners, but would not disclose their identity.
Several broking reports this week suggest that it has been sold to Chinese interests.
VesselsValue indicates that the ship is being renamed Nile Confidante, although this has yet to be reflected in any other reputable shipping database.
The Long Bright’s low selling price comes as no surprise to shipbrokers following the ship’s prolonged auction process.
A pre-auction survey described the ship as appearing to be in a sound and satisfactory physical state, but noted that all certificates had expired and surveyors could not determine the operational condition of the main engine and other mechanical equipment as the ship has been in cold lay-up since September 2017.
The Long Bright was first arrested by Singapore’s DP Shipbuilding & Engineering over an unpaid repair bill totalling SGD 267,000 ($195,000 at the time).
A senior Highrich official told TradeWinds that an unspecified Chinese bank had taken control of the ship a year earlier, together with a sister vessel, the 37,300-dwt Long Glory (also built 2012). He blamed the company’s debt problems as the cause of it losing control of the pair, which were the only two ships in its fleet.
TradeWinds has been unable to ascertain the status or whereabouts of the Long Glory, which has not broadcast an AIS signal since late 2017.
