Perhaps counterintuitively, the Covid-19 pandemic and subsequent economic downturn have not had courts forcing more ships to auction — but they may be pushing up prices once vessels go under the hammer.
“Certainly, the creditors that we’ve been acting for have been absolutely delighted,” said Paul Willcox, director at CW Kellock. “They’ve achieved higher prices than they’ve expected.”
The UK Admiralty shipbroker has conducted 12 auctions by Willcox’s count, including three in the US, one each in India and Singapore and five cruiseships in the UK.
