Judge approves sale of seized cargo ship

PUBLISHED : Friday, 14 January, 2011, 12:00am
UPDATED : Friday, 14 January, 2011, 12:00am

Admiralty judge Anselmo Reyes yesterday approved the sale of the 1988-built dry bulk cargo ship Admiral T, which was detained by law firm Norton Rose Hong Kong after arriving in Hong Kong on December 28. Advertisements inviting bids for the 40,474 deadweight tonne ship will be placed in newspapers and the details of the vessel will be circulated to prospective buyers. Norton Rose is acting on behalf of a Guernsey-based investment fund, SPL Treasury (AT 1) IC Ltd, and investment adviser Spearpoint, who are trying to recoup cash advanced to Nortech Shipping, the Greek owner of the ship.