Ukrainian operator Vista Shipping

Embattled Ukrainian operator Vista Shipping is preparing to part ways with a combination carrier (OBO) that landed at the centre of a legal battle in the US. Compass Maritime Services is overseeing the auction of the 169,400-dwt MV Cape Viewer (built 1992), which hit the auction block Monday morning. MV Cape Viewer which is at anchorage in Norfolk, Virginia, will be sold as is, where is, free and clear of all liens, claims and encumbrances with one exception. Compass says the buyer must forge a new fixture with Noble Chartering, which owns the cargo that was on board the ship when it was seized last year. The court that ordered the auction of the MV Cape Viewer set the minimum bid at $8.3m. An affiliate of Vista Shipping acquired the Cape Viewer from Frontline for $9.1m in late 2012.
The arrest of the MV Cape Viewer in November 2012 marked the start of a lengthy legal battle with Glory Wealth Management of Singapore and Swiss coal trader Flame. The duo argued that Vista is an alter ego of Viktor Baranskiy’s Industrial Carriers Inc (ICI) and should be held liable for the collapsed Ukrainian operator’s debts. As we reported Flame is seeking $21m and Glory Wealth claims it is owed $46m.