The E Elephant, one of the few the remains of Nobu Su’s shipping empire TMT, has ben sold at an auction for $55m.
The VLCC was sold in a Chinese court auction at the request of South Korea’s Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries.
The price appears to be a bargain as online portal VesselsValue.com sets the price $10m higher.
The Qingdao Maritime Court auction for the 317,800 dwt E Elephant was held on Tuesday while brokers told Splash about the sale today. Greece’s Minerva Marine is linked as the buyer of the ship.
The vessel had been detained since March as a result of a joint arrest action by the two Korean yards against the registered owner E Elephant Inc. The parties were suing in the capacity of mortgagee owners.