The 3,400-gt Swiber Atlantis (built 2010), which failed to obtain the minimum reserve price when put up for auction in March, may have found a buyer.
TradeWinds understands that an offer made by Abu Dhabi National Oil Co (Adnoc) was accepted by mortgage holder United Overseas Bank (UOB), which arrested the ship.
Although the High Court of Singapore actively discourages mortgagee banks from using it to secure clear-title extra-judicial sales, it is likely UOB was able to convince the court that, given the dire state of the offshore market and the lack of buyer demand, this was a development worth taking advantage of.
