Dutch-based, Turkish-owned Credit Europe Bank has turned into a shipowner after acquiring an elderly handysize bulker it arrested in Durban last year.
The bank emerged as the victor in a hotly contested auction for the 34,100-dwt bulker Tarik 3 (built 1986).
Its bid of $1.95m plus bunkers saw four other bidders at the auction bow out.
Auctioneer Roy Martin of Admiralty Ship Sales says he is happy with the price, as the ship is in very good condition for its age.
The Tarik 3 was owned by Garanti Finansal Kiralama, a leasing company but operated in the fleet of Horizon Shipping.
Credit Europe arrested the vessel in June last year after loan covenants were breached.
It would appear Credit Europe got itself a good deal as the Tarik 3 was evaluated at $2.4m prior to the auction.
Martin understands the vessel was purchased for further trading, which could indicate that the bank has lined up a deal for another shipowner to buy it.
Credit Europe is owned by FIBA Holdings, a financial conglomerate controlled by Turkish billionaire Husnu Ozyegin.
IMO: 8413473Name: TARIK 3MMSI: 271002556Type: BULK CARRIERGross Tonnage: 19602Summer DWT: 34142 tBuild: 1985Flag: TURKEYHome port: ISTANBUL