The Sheriff of Singapore will conduct a sealed bid auction of the 28,200-dwt bulker Pegasus (built 1998) on 13 January.
The Pegasus and its fleetmate, the 20,100-dwt general cargoship Posidon (built 1997) were arrested at the request of Piraeus Bank, which claimed the Greek owner was in default of mortgage payments.
The bank is seeking to recoup $24.6m in outstanding mortgages used to finance the acquisition of the pair at a time when the shipping markets were in the stratosphere — as were the prices of secondhand vessels.
The
