LILA HOUSTON

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Detained bulkcarrier to be auctioned

Credit Suisse, as the mortgagee, obtained an order in the District Court of the Southern District of Texas to sell the 'Sam Eagle' on July 15, 2020. Bidding will start at 3.75 million US Dollars by by UK admiralty broker CW Kellock. The bulkcarrier was moored off Corpus Christi, Texas, and was to be sold free of all liens, claims, mortgages and encumbrances. A condition survey has been carried out. The move was an indirect result of a bitter dispute between the ship operator and Malta's FIM Bank over an alleged bill-of-lading fraud. The bank claims 23.7 million US Dollar is outstanding under the loan it provided in 2012 to finance the 'SAM Hawk' and its sistership 'SAM Jaguar', according to an order filed by the High Court of Gujarat in Ahmedabad. The vessel had been arrested by the local court on Nov 15, 2019.