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Second auction failed

The "Babylon" which was seized on January 8 by the Singapore's DBS Bank against mortgage claims, has yet again failed to find a buyer at the auction in the recent week. The deep divide between price expectations of the High Court of Singapore and potential buyers of the arrested vessel continued at a second auction. Officials at the Sheriff of Singapore's office, who ran the sealed-bid sale stated that this time they received a fair number of offers for the vessel, but none had been close to the minimum reserve price set by the court. The ship remained stationary on the Sinapore East Anchorage on June 7.

Interested parties invited to bid for purchase

By an Order of Court dated March 6, 2019, all interested parties were invited to bid for the purchase of the arrested "Babylon" which was being moored on Singapore East Anchorage since Jan 8, by private treaty. The bids must be submitted in Singapore Dollars together with a deposit of 50.000 Singapore Dollars in local cashier's order made in favour of "The Sheriff Of Singapore" and should be placed in a sealed envelope marked "Tender for Babylon" and sent to the Sheriff?s Office, Legal Registry, Level 2, 1 Supreme Court Lane, Singapore 178879, to reach him no later than 1500 hrs, on May 27. Bids made without the accompanying deposit will be rejected. The deposit shall be returned to unsuccessful bidders. The vessel will be sold on an "as is where is" basis and the sale is on the Sheriff?s standard Terms and Conditions of Sale. Permit to inspect the said vessel may be obtained on application to the Sheriff.

Arrested tanker to be auctioned

Court-mandated surveys described the "Babylon" as being in structurally sound, serviceable condition and free of any significant damage. The "Babylon" was estimated to have a market value of US dollars 17 million. The vessel was set to be sold through a sealed bidding process, with offers due in at the Sheriff of Singapore's office at 3 p.m. on April 23, 2019. The "Babylon" by April 30 failed to find any suitors willing to offer what they were deemed to be worth. The bids received for the vessel did not meet the minimum reserve price set by the High Court of Singapore. The tanker was arrested by the Singapore Supreme Court in Singapore on Jan 8, 2019.