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Nobu Su’s last ship arrested and set for auction

One of the last vestiges of the shipping empire built by Taiwanese tycoon Nobu Su has been put up for sale. The F Whale, a 320,000 dwt very large oil/ore (VLOO) combination carrier, built by Hyundai Heavy Industries (HHI) for Su’s shipping line TMT in 2011 is now set for auction as creditors seek payments.

The geared vessel is currently laid-up next to the quay at HHI’s shipyard in Ulsan but under the custody of the Ulsan District Court.

An auction is expected to be held around early or mid-June this year.

Su had been trying to find business for the ship in recent months but failed to seal any charters.

Due to Su’s default situation with HHI, the F Whale was arrested on February 1.

In the past, Greece’s Olympic Shipping has taken a number of Su’s unique geared VLOOs, taking the cranes off to trade them as tankers.

Su’s downfall, which he links to the global financial crisis of 2008, is set to be a movie documentary due to premier at a film festival in London on April 20.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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