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M/V Cape Providence Fetches $18 Million in Virtual Auction

providence
Cape Providence (courtesy Solution Strategists)

Published Jan 18, 2021 11:20 PM by The Maritime Executive

The 2010-built bulker Cape Providence was recently sold at public auction via a virtual platform in South Africa by Solution Strategists Pty Ltd, Ariella Kuper (Founder and Director).

The below comment came from a broker in Asia who was registered on the auction and was bidding on behalf of their client:

"Buying appetite continued to impress on Thursday with the Court Auction in South Africa of the Cape Providence 169/2010 Daehan. Despite being arrested off South Africa since last July, with no spares on board, and SS/DD (plus BWTS) overdue, there were still 10 parties who paid the $100,000 deposit to participate in the auction. In the end the financiers were the successful party at $18.1 million, but competition was fierce and two other parties were prepared to pay up to $18 million. Compare this to the sale last week of the one-year-younger sister Jabal Nafusa 169/2011 Daehan (SS/DD due 01/2021) for $16.5 million to Greek buyers, and we are looking at a significant leap in second-hand pricing."

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