Singapore police to sell chemical tanker involved in Shell gasoil theft

The Singapore Police Force is preparing for the 4th June auction of the previously Prime Shipping-owned Prime South, the 12,000-dwt chemical tanker that became infamous in the city state for the part it played in the Shell Bukom oil theft.

The 2009-built vessel was ordered forfeited for its involvement in the scandal and in an unusual move, will not be sold by the admiralty sheriff, but instead by Knight Frank, a company the police use to dispose of seized assets.

The ship has been laid up in a dead state at the Az Marine shipyard since being seized and is currently valued at $4.5m. VesselsValue estimated it to be worth $7.2m if in trading condition.

“It will take a bit of work to put the ship back in service, but it has attracted quite a strong level of buying interest from Chinese and Indonesian parties,” said a Singapore-based broker closely following the auction process.