Under the agreement signed on December 31, 2019, all mutual obligations between the two parties were settled. The MR2 tanker in question is the 52,725 dwt Pomer, seized by the syndicate of banks led by Credit Suisse in Malaysia in late September 2019.

The agreement was reached on December 31, meaning also the release of all mutual obligations between the two parties, Alpha Adriatic said in a statement earlier this week.

At the same time, it signed a separate agreement to sell the Pomer tanker to a Norwegian buyer, Pomer AS, the company said without providing any financial details.

The sale is expected to be completed in the next 15 days, after which the buyer plans to put Alpha Adriatic Group in charge of the technical management of the vessel.

In October, Alpha Adriatic decided to launch pre-bankruptcy proceedings in Croatia after the abovementioned syndicate stopped its refinancing talks by detaining the tanker as collateral.

Maritime Business World