Auction of M/V “Gaestrikland” and eight other vessels

Nine vessels are announced to be auctioned before the Rotterdam District Court. Even for Rotterdam it is a remarkable event that a complete fleet of vessels is to be auctioned. The following vessels will be auctioned on 16 July 2013, between 13.00 and 15.00 hrs:

M/V “Gaestrikland’’
M/V “Haelsingland’’
M/V “Kurland’’
M/V “Medaldan’’
M/V “Medarctic’’
M/V “Skarpoe’’
M/V “Storoe’’
M/V “Uppland’’
M/V “Värmdö’’

All ships are registered under the Cyprus flag, except the M/V “Värmdö’’ which is registered under the Antigua & Barbuda flag. The auctions take place at the request of UniCredit Bank AG, München, Germany. As usual the sales will take place by Dutch auction. For more information on the manner in which vessels are auctioned in Rotterdam, please read our article on judicial sale of vessels at a Dutch auction.

The auctions have one particularity. The executing creditor has fixed minimum purchase prices for each of the Vessels. In case no bidder bids the minimum purchase price, the vessel will not be sold at the auction. What will happen next remains a big question.


At 10 July 2013 we have been informed that the conditions of the auction have changed, to the effect that the minimum purchace price for the GAESTRIKLAND, HAELSINGLAND, KURLAND, MEDALDAN, MEDARCTIC and UPPLAND
have been lowerd from US$ 5.200.000 to US$ 4.900.000. This relatively low reduction might be an interesting development for persons interested in acquiring the vessels, but bargain hunters will still not be interested.

As always, the lawyers of Kernkamp Advocaten can assist interested buyers in gathering further information on the auction and the legal formalities and with the actual bidding at the auction.


During the auction of 16 July all 9 vessels were sold. The three smaller vessels, the STOROE, SKARPOE and VÄRMDÖ, were sold to a German shipping company for the minimum purchase price of EUR 3,000,000 per vessel.

The other, larger vessels, the GAESTRIKLAND, HAELSINGLAND, KURLAND, MEDALDAN, MEDARCTIC and UPPLAND, were sold for the lowered minimum purchase price of US$ 4,900,000.    © M. Kodde


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