Fujian-based bulker owner Sunrising International has acquired 1990-built oil tanker Bramco 1 in a court-led auction for a price of RMB20.88m ($2.95m). VesselsValue‘s valuation on the vessel is $3.38m.
The 37,700 dwt vessel was listed for sale by Guangzhou Maritime Court, four years after Bahraini owner Bramco abandoned the ship at Cosco Guangzhou Shipyard in 2015 with 12 crew.
The tanker was undergoing a conversion into a bulk carrier at the shipyard and about 95% of the conversion work has been completed.
The court ruled to auction off the vessel at the request of the ship’s crews, who have been left unpaid by the owner.
Sunrising International currently owns a fleet of three bulkers made up of one panamax bulker and two handy bulkers.