Singapore's High Court has revealed the highly anticipated auction date of the arrested Hermes Marine Management VLCC Chloe V.
But as shipowner Ghassan Ghandour waves goodbye to his last tanker, another of his shipping ventures has taken delivery of a recently purchased panamax carrier.
Would-be buyers of the Chloe V will have to submit sealed bids for the 320,000-dwt crude carrier Chloe V (built 2011) to the Sheriff of Singapore's office by Thursday 30 December.
With market analysts expecting a recovery in tanker freight rates, shipbrokers told TradeWinds this week that a modern VLCC such as the Chloe V is likely to attract strong buying interest.
At least five interested parties are known to be conducting or commissioning their own inspections of the ship.
The Daewoo-built tanker is estimated to be worth $47.6m, according to a snapshot valuation by VesselsValue.
MSI Horizon gives indicative assessment of the ship's fair market value during the current quarter of between $43.5m and $49.5m.
A court-mandated survey of the DNV-classed Chloe V conducted by surveyors at Seawise Maritime found the vessel to be in satisfactory condition but noted its trading certificates had mostly expired and would need to be attended to by its classification society prior to its return to service.
The ship's class certificates expired in late November, at which time its bottom survey also became due.
On a positive note, a technical team recently carried out the necessary repairs and adjustments required to get the ship's VISWA scrubber system fully operational.
New hope?
The sale of the Chloe V will mark the end of Lebanese shipowner Ghassan Ghandour's involvement in the VLCC sector.
However, Ghandour — who has been a significant player in the big tanker market — will continue in the bulk trades through his Piraeus-based company Gulf Marine International.
Gulf Marine has emerged as the buyer of Olive Shipmanagement's 79,600-dwt Elinda Mare (built 2010), which was reported sold for in the region of $20m at the end of September.
The vessel was handed over in early December and renamed New Hope.
Ghandour once controlled a fleet that included over a dozen VLCCs and a trio of VLGCs.
Long-term charters for some of these ended up in acrimonious court battles.
In recent years, the fleet has dwindled to the soon to be sold Chloe V and a pair of 2011-built panamaxes that are operated by Gulf Marine.
