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SOLD AT AUCTION! Oct. 25. Between 8:00 am to 11:00 am is the period to register and submit sealed bids. There is NO MINIMUM BID. There is no remote bidding process but prospective buyers could give a Power of Attorney (such as to an attorney in Panama) who would then attend the auction on the buyer's behalf. To participate in the bidding, a bidder must provide a certified check or bank draft from a Panamanian bank in the amount of $37,500 and made payable to the order of the "Órgano Judicial / Tribunal Maritimo de Panamá”. The bidder must give this check to the marshal between 8:00-11:00 am on Tuesday, Oct. 25. For funds to clear into a Panamanian bank, the sender must provide their full details (corporate or individual) and state the purpose of the funds — which will delay processing the deposit by 1-2 days. Plan in advance. If multiple bids are submitted between 8-11 am, then the auction proceeds to a verbal bidding process at noon. The marshal will hold the deposit checks and if the bidder does not submit the highest bid then the marshal will return the checks to the losing bidders. If a bidder wins at auction, the marshal will keep the check as a deposit and highest bidder would then need to pay the balance of the purchase price within 3 working days. The second round of the auction took place on Oct. 18 with a minimum bid of $375,000 but no bids were submitted. The vessel is operational and sailed from the Caribbean to Panama, then through the Panama Canal, followed by a round trip voyage between Panama and Peru immediately before the mortgagee arrested the vessel in Panama. The vessel has a lightweight tonnage of 2,684 mts so the vessel’s scrap value is well above the previous minimum bid of $375,000. Potential bidders who have questions or need assistance may contact the attorney for the vessel’s mortgagee, Eduardo Real of DeCastro & Robles at real@decastro-robles.com, office phone no. (+507) 263-6622 and cellular no. (+507) 6677-5013.
