AUCTIONS

Two Taiwanese fishing boats arrested in Cape Town up for urgent auction

Fishing vessels for auction.jpg

In November of 2014, two Taiwanese longline fishing vessels were arrested at Cape Town harbour. Having since been seized and now become a financial burden to creditors, the two vessels will be sold via an online auction later this month as per a court order from the Western Cape High Court.

The vessels, Wei Lien 123 and Wei Lien 213 both longline fishing vessels for the likes of tuna and hake, have attracted much interest from both local and international buyers due to the nature of the sale. Comments Ariella Kuper from Clear Asset, the company taking the vessels to auction, ‘’It is seldom that such vessels are offered to the market via an online auction, and the interest we have received has been extensive from both local and international buyers. The strongest interest is from smaller players looking to purchase fishing vessels at an attractive price, as often the newer ships are simply too expensive to afford for entrepreneurs competing against larger players.’’

The arrest of the vessels were due to a default of payment on bunker fuel.

Having handled a variety of sales for arrested ships over recent years, Kuper points out that sales of such vessels often follow more traditional sales channels which bring with them geographical limitations, lack of quick access to info on the vessels and having to be on site to purchase. ‘’With an online auction platform buyers can view the vessels online, send a representative if needed and bid on the asset without ever leaving their desk. Based on demand and requirements for the assets, we have also videoed engine start up procedures for internationals buyers to view.’’

Condition reports for both vessels have been conducted by an independent marine surveyor and will form part of the information pack available to bidders.

The auction closes on Thursday 26 March at 3pm.

Viewing of the vessels can be arranged by appointment through the auctioneers and each vessel is well documented on the website with images, condition report and ships papers to assist due diligence.

For more information contact Ariella Kuper on +27 798999998 or Ariella@clearasset.co.za

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