The MR tanker Marvin Independence (built 2018) has found a buyer in an e-auction in Piraeus, according to an official Greek court posting on the internet.
The identity of the buyer remains undisclosed.
The $17.1m achieved in the sale on 1 September suggests that there was some competition for the 50,000-dwt, Hyundai Mipo-built vessel.
The minimum reserve price was set at $14m. Potential buyers had to deposit $4.2m as security to take part in the auction.
Buyers may have a very good deal on their hands. Greek court authorities had assessed the value of the Marvin Independence at $21m. VesselsValue and MSI Horizon estimate it is worth much more — between $36m and $37m.
The LNG-ready ship has been in cold lay-up since January.
Its former owner was Diamond Product Tankers. The ship's manager, Marvin Shipping, told TradeWinds last month that poor tanker markets had affected the performance of the vessel and played a “significant role” in its arrest by creditors.
Two sisterships, the 50,000-dwt Marvin Faith and Marvin Confidence (both built 2018), are under arrest in Rotterdam and are expected to be auctioned in September.
The ships’ owners are said to have acquired them from Hong Kong subsidiaries of Islamic Republic of Iran Shipping Lines in 2018, before Washington reimposed sanctions on Iran.
Clarksons Research data suggests the three are among the few MRs designed to be fuelled by LNG with limited retrofits.
