Bank to auction 2 large ships: Starting bid nearly 100 billion, buyer must purchase entire remaining oil

Maritime Bank, also known as MSB, has recently announced the auction of two ships named Hai Phuong Glory and Southern Wealth in order to recover outstanding loans.

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MSB is offering for sale 2 used ships with a total starting price of 95 billion VND. The first auctioned asset is a ship called Hai Phuong Glory. According to information provided by MSB, this is a general cargo ship.

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The second auctioned asset is a used ship named Southern Wealth. This is an oil tanker, built in Vietnam in 2015.

The asking price for the first auctioned asset is 38 billion VND and for the second auctioned asset is 57 billion VND.

According to MSB, this price does not include any taxes, fees related to the transfer, and the value of materials, supplies on board at the time of handover.

The winning bidder must pay the full amount for the purchased ship within 15 days from the date of signing the ship purchase contract with MSB. At the same time, they will have to repurchase all remaining oil, fuel on the ship if any on the date of handover. MSB bears the fuel appraisal costs. All other financial costs or obligations related to the transfer of ownership of the ship are borne by the buyer.

MSB plans to open sealed registration files for purchase on February 26, 2024.