On 3 December, Haikou Maritime Court released from judicial arrest M.T. “Brightoil Gem” which had been auctioned off at CNY 403.3 million. Under the witness of the plaintiff, BNP PARIBAS, and the defendant, BRIGHTOIL GEM TANKER LTD., the court completed the formalities for transferring the vessel to the Greek buyer, MERLIN CO LTD.

M.T. “Brightoil Gem”, which was owned by BRIGHTOIL GEM TANKER LTD, was duly arrested and put up for auction by Haikou Maritime Court due to a dispute between her owner and BNP PARIBAS under a ship mortgage contract. The vessel was auctioned off at a premium in the first round of online auction on 20 November. The amount of the successful bid for the vessel set the record in the auction of vessels since Taobao judicial auction platform was launched.

In order to transfer the vessel in a timely manner so that she could be put into operation as soon as possible, Haikou Maritime Court promptly arranged for the boarding of the buyer’s technicians to find out about the vessel condition after the buyer had paid up the price. The court also notified the buyer of getting the crew in place, and communicated with the maritime authorities about releasing the arrested vessel. On 3 December, Haikou Maritime Court served a ruling and an order on releasing the arrested vessel respectively on the plaintiff, the defendant and the buyer, signed with and served on the buyer a vessel transfer deed, took written records with the defendant and the buyer about the transfer of the vessel, and served a notice of assistance in enforcement and other legal documents on the maritime authorities and border control authorities. The vessel was then successfully transferred.

After the transfer of the vessel, the plaintiff, BNP PARIBAS, and the defendant, BRIGHTOIL GEM TANKER LTD., respectively presented Haikou Maritime Court with a pennant in recognition of the court’s fair and efficient judicial practices as well as high-standard judicial capacity. The buyer of the vessel, MERLIN CO LTD., sent a letter to acknowledge the court’s efficiency in the auction and transfer of the vessel as well as the dedication, conscientiousness and friendliness of the staff.