Auctioneers have had to postpone the auction of a 12-year-old suezmax planned for later this month, following legal action taken by an obscure company likely linked to Iran Shipping Lines (IRISL).

The entity, which is called Prime Paradise International and claims to be the "de-facto owner" of the 158,000-dwt Marvin Star (built 2009), filed an appeal against the sale at the High Court of Namibia.

"Attorneys are working towards a swift resolution of this appeal... in order to reschedule the auction as soon possible," auctioneer Ariella Kuper of Cape Town-based Solution Strategists said in an e-mail.