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Minerva linked with TMT VLCC auction

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.

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Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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