Malaviya Seven’s Initial Bid Short of Expectations

Image Courtesy: UK Chamber of Shipping

The first round of bids for the India-flagged platform support vessel Malaviya Seven was not even close to the amount needed for its crew’s unpaid wages.

Irish auctioneering firm Dominic J. Daly & Co. started the auction process on October 17, however, the company soon withdrew the ship as it received a bid of only GBP 300,000 (USD 394,800).

“As the offer made yesterday was too low in the circumstances of the case it was not accepted – other interest is now being shown in the vessel at higher levels – as the vessel is Norwegian built and well maintained this is not surprising,” Dominic Daly told World Maritime News.

The sale of the ship was ordered by the Aberdeen Sheriff Court in September 2017, a month after the sheriff ruled the crew had the right to sell the vessel to recoup their owed wages – agreed at GBP 672,000 (USD 867,000).

Malaviya Seven has a current market value of USD 0.9 million, the same as its demolition value, data provided by VesselsValue shows.

A total of 24 seafarers, including some who have already been repatriated, are owed wages by the vessel’s owner, India-based GOL Offshore, which is undergoing liquidation. Twelve Indian seafarers that remain onboard the ship hope to receive their pay once the vessel is sold, enabling them to return home.

World Maritime News Staff

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