A recent series of articles in the shipping business journal Trade Winds outlined the seizure and court ordered auctioning of two vessels in the South African port of Durban.

According to the articles the ships were not paying their mortgage bills, but given the lack of demand for small, aging bulk vessels the two ships did not do well at auction, selling for considerably less than their scrap value.

“The veteran pair had been under arrest off the port for several months following bank foreclosures. Neither were expected to attract trading buyers given their age