EMMAKRIS III

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Seized Russian bulker may be used as floating storage

The Ukrainian Asset Recovery and Management Agency (ARMA) announced that its appointed surveyor has completed the survey of the seized Russian-owned 'Emmakris III', and they were now seeking a manager to run the ship for grain storage. The bulk carrier has been detained at the port of Chornomorsk since the Russian invasion of the country in Feb 2022. The ARMA presented evidence in court that although the vessel’s registered owners are reported to be the UAE, the beneficial owners are a Russian company, Linter, registered in the city of Rostov-on-Don. The Pechersk District Court of Kyiv gave control of the vessel to ARMA at the request of the Prosecutor General’s Office as part of the investigation into its Russian owner. At the start of the Russian war, the 'Emmakris III' was in the port to load approximately 60,000 tons of grain bought by the Egyptian government. After the ARMA appointed surveyors, who carried out a detailed inspection of the 'Emmakris III', it was ascertained that it was in a “healthy state.”The ARMA intends to use the ship as a floating grain storage vessel for transshipment and conservation of dry goods under the management of an independent operator. The agency is preparing all the necessary documentation for transferring the vessel. They have set a value on the vessel of approximately $2.6 million. Given the limited capabilities of the Odesa region's port infrastructure for the transshipment of grain cargoes, this asset may have a high investment interest of market operator.

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Sold for $6.0M to undisclosed buyers