Discover the The-Loving: Ratings & Maritime News

In a highly anticipated auction set to take place today in Tokyo, a number of investors from Hong Kong are expected to vie for ownership of the supramax bulker, Ocean Paradise. This vessel, designed with the 'Tess 58' specifications, boasts a deadweight tonnage of 58,701 dwt. The auction is being overseen by the court responsible for the receivership of United Ocean, which filed for bankruptcy at the end of the previous year. Ocean Paradise, constructed nine years ago at the Tsuneishi Cebu shipyard in the Philippines, will mark the fifth vessel sold since United Ocean's financial troubles began. Prior to this, four kamsarmax bulkers had already been successfully auctioned off, signaling a strong interest in the remaining assets of the distressed Japanese shipping provider.