The supply vessel Spec Nichole has been sold through a court-ordered admiralty process in Singapore, generating SGD 18.47 million (approximately USD 14.39 million) in proceeds, according to Ship & Bunker. The funds are currently held by the court pending the resolution of competing claims.
As reported by Ship & Bunker, the sale was carried out on March 9, following an order from the High Court of Singapore. The proceedings stem from an admiralty action in rem filed by the Export-Import Bank of China against the vessel’s owner and/or demise charterer — a legal mechanism that allows claims to be brought directly against a ship rather than its owner. The Government Gazette published notice of the sale on Friday.
90-Day Moratorium Now in Effect
With the proceeds formally paid into court, a 90-day moratorium period has been triggered. Ship & Bunker notes that during this window, the court will not yet determine the priority of claims. Parties with outstanding claims against the vessel or the proceeds of its sale are required to move toward judgment before the moratorium expires.
The Government Gazette notice cited by Ship & Bunker states: “Any person having a claim against the ship or the proceeds of the sale thereof on which they intend to proceed to judgment should accordingly do so before the expiration of the Moratorium Period.”
Claims Distribution to Follow
Once the moratorium concludes, the High Court will evaluate and rank all outstanding claims against the sale fund. Ship & Bunker reports that such claims typically include those from lenders, crew members, and maritime suppliers, before the court distributes the proceeds accordingly.
The Spec Nichole, which sails under the Liberian flag, had been under arrest in Singapore since last year, according to Ship & Bunker.
—
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
**Sources: Ship & Bunker**
