It felt like bargain basement time on Thursday when the arrested cruise ship Olympia Countess was knocked down for half of its appraised value.
With only three bidders, it was left to Greek cruise operator Majestic International to make the successful bid of $6,1-million (R42,2- million).
A leading London firm of shipbrokers had estimated the value to be between $12-million and $15-million (R83-million and R104-million).
According to Majestic's Costa Zalocosta the ship will be relocated into service elsewhere, although he declined to say where. It is believed, however, the most likely region is the UK/Europe cruise market, where the former Cunard ship could prove a popular choice in the British market.
There is a chance that Starlight Cruises, which originally chartered the Olympia Countess from Royal Olympic Cruises and which were forced to cancel thousands of bookings, may be able to re-charter the ship from the new owners for a shortened season of cruises out of Durban.
In terms of South African practice, there is now a five-day period during which the court must approve the sale and, because of the low price realised, it may decide to invite further bids, or even order a new auction sale.
The auction was the result of an urgent court action brought against the former Greek owners, Royal Olympic Cruises, for unpaid debts on the ship as well as three other vessels under arrest elsewhere. This included the wages of all crew on board who have not been paid since October 2003.