The 16,200-dwt cargoship Meem (built 1986) was sold to Best Oasis, a division of Bhavnagar-based Priya Blue Industries, for $1.55m, according to the court’s legal documents.
The sale was carried out after an Indian Supreme Court order upheld a previous call from the Bombay High Court for the ship to be sold to raise funds to settle outstanding dues.
That followed an admiralty suit filed by the Bank of Sharjah, which held a mortgage on the ship.
