They don’t need to sell the freighter at auction. They can ransome it to North Korea for $5-25 million and get some cash that way.
That assumes NK can’t get another old EOL bulker cheaper. Also, they may be liable for back mooring fees and miscompliance fines the moment they take ownership. It is unlikely that ship will be permitted to start its plant unless it is back in the hands of NK. If it’s gotta move it’ll be on the end of a tow line. I assume they’re getting knowlegeable advice; acquiring an NK ship is as fraught as buying property with an asbestos problem.
All very good points. It’s possible they’ll get the right of ownership without actually taking ownership. And there has to be some cost to obtaining a new cargo ship. There’s a price point there somewhere.
I was about to say that North Korea might pay a set amount to save face or because the US is putting pressure on them, but then…I forgot. W’ere a thinly disguised Russian state now.
1 Like
I’d be surprised if they could get $10M for a 1989 (30 yr old) handyweight bulker. More like $1-5 M? Or less?
Thought the same. The costs could bankrupt the family, and the ship is debt for $750K repairs.
But the family has to try. Their President sure ain’t doing squat.
3 Likes
Perhaps whatever cargo is on board makes it worth it.
The couple, especially the Father, are big supporters of Rump. So much so that when Rump said he believed Un they did NOT HIT BACK as TPM falsely believes.
They waited until Rump/Un finished meeting out of respect for Rump and then specifically targeted their comment on Un making sure to omit anything that could be interpreted as criticism of Rump.
While what happened to their son was a tragedy, they as his parents are great examples of blindly loyal worshipers of Rump.
So it is ludicrious to use them in any attempt to make the pres. look bad, because they wouldn’t have it.
3 Likes
I wonder if families of those asylum seekers who have died in our camps will sue the US govt.
2 Likes
I questioned their judgment when they let their son travel to NK and I am appalled they try to trade on their sons treatment by confiscating a bucket of rust now and going after the rest of their reward for the rest of their life.If they mess with Kim long enough they may end up like their son. Let it go and stay out of airports, that is where he solved his problem with his half brother.
“… NK the vessel’s cost to break it up exceeds its value…”
I did not know this, but I wondered about it. Evidently it has no value on the used ship market. Could be a while elephant or even a headache for the plaintiffs if they get possession of it. Maybe be careful what they wish for, much as they deserve remedy.
I saw some references to Barr in a related story. Curious about that…
Yes. U.S. billionaire vulture capitalist Paul Singer seized/detained an Argentina navy vessel and also tried to seize Tango 01, Argentina’s presidential airplane.
You know they a serious Trump supporters, they will fall for any con.
Why would they ever agree to appear in the first place? He used them as a prop for his own good.
It’s a ship breaking yard, indeed.
1 Like