Ukraine Puts $2.6m Russian-Linked Bulker Up for Auction
The 73,000 dwt Emmakris III, seized in 2022, remains stuck in Chornomorsk port with 60,000 tons of grain.
Ukraine’s Asset Recovery and Management Agency (ARMA) is preparing to auction the 73,000 dwt bulker Emmakris III, seized at the start of the war in February 2022 and held in Chornomorsk port ever since. The vessel, valued at $2.6 million in 2024, is one of several Russian-linked assets Kyiv aims to liquidate to compensate for wartime losses.
The Emmakris III, built in Japan in 2000, was loading approximately 60,000 tons of grain for the Egyptian government when Russia invaded Ukraine in February February 2022. Ukrainian authorities seized the vessel after presenting court evidence that its beneficial owner was Linter, a Russian company registered in Rostov-on-Don, despite the ship’s registered ownership being listed in the UAE. According to Equasis, the vessel was managed from Turkey and renamed Akris in 2025, though Ukraine continues to refer to it by its former name.
ARMA took control of the bulker in 2024, inspecting and appraising it at $2.6 million. The agency described the vessel as being in a “healthy state” at the time, with its most recent listing stating it remains in “satisfactory condition.” However, the ship has sat idle in Chornomorsk for since February 2022, its cargo still aboard and its fate tied up in legal proceedings.
From Grain Storage to Auction: ARMA’s Shifting Strategy
Initially, ARMA sought a manager to repurpose the Emmakris III as a grain storage facility while pursuing its case through the courts. The agency’s mission is to raise funds from confiscated assets to offset Ukraine’s financial losses during the war, and the bulker represents one of its most valuable seized maritime assets.
The failed auction of nine derelict vessels earlier this month may have influenced ARMA’s approach. The lot, valued at nearly $3.4 million, included Soviet-era river and coastal vessels, some of which were severely damaged. The Svir, for example, had a hole from a UAV strike, flooding its engines and leaving it grounded on the Danube. No bidders emerged for the October nine auction, with potential buyers deterred by the estimated $13 million in customs duties and removal costs.
ARMA has not yet announced a date for the auction, but the listing on its website signals that the process is underway.
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