An almost-new, 79 000-tonne deadweight (dwt) bulker has just gone under the hammer in Durban, and the final bid was for US$22.4 million (R176.96 m), a healthy US$6.65 m (R52.5 m) above the reserve price of US$15.75 m (R124.43 m). The MV Newlead Gujarat, a bulk carrier built in 2011, was sold by public auction in Durban on May 3, and bought by highest bidder, Modion Maritime. The sale price was for the ship hull, including the equipment, furniture and stores on board at the time of the sale. It excluded the cost of bunkers on board, valued at US$941 308.70 (R7.5 m), which was to be paid separately by the purchaser of the vessel. According to information released to FTW by maritime lawyer Mark van Velden of maritime, logistics and corporate lawyers, Van Velden, Pike Incorporated, the ship had been arrested in the Port of Durban after a provisional court order for the sale of the MV Newlead Gujarat was made by the Durban High Court on March 19 on the application of the mortgagee, the Bank of Scotland. According to Van Velden, this was after a default on mortgage payments by the previous owners, Bethune Properties, which is a Greekregistered company, and managers of ship management company, Newlead Bulkers. “I recall having read that the whole managed fleet was in trouble,” he added. Gardner van Niekerk SC of the Durban Bar was appointed as referee of the ship sale fund and the bunker sale fund, and any claimants were advised that claims had to be filed with the referee within 10 days of the date of the sale – ie, May 17.
