Ukraine seeking manager for seized Russian bulker

The Ukrainian government, through the Asset Recovery and Management Agency (ARMA), has begun searching for an entity to manage a Russian-owned cargo vessel that had become stranded in the Odesa region following the February 2022 Russian invasion.

The detained vessel is the 2000-built, Panamanian-flagged bulk carrier Emmakris III. The 73,281DWT vessel has seven holds, an LOA of 225 metres, a beam of 32.26 metres, and a draught of 6.8 metres.

On the basis of the ruling of the investigating judge of the Pechersk District Court of Kyiv, the vessel was transferred to ARMA for management. Currently, the asset is moored near the berth of the Railway and Ferry Complex of the Black Sea port of Chornomorsk.

ARMA inspected the asset and, based on its results, prepared all the necessary documentation for the transfer of the asset to the tender. The agency also held an open competition for the selection of an asset appraiser, and local company Jurformat was selected.

The assessment established that the vessel is in satisfactory condition and can be used, in particular as a floating granary for transshipment and storage of dry cargo.

The next stage of asset management will be the announcement of an open tender to select the manager of the vessel. Details of the tender will be published on the ARMA website.