In early November, Demuwerk, S.A. of Belgium bought 5892 metric tons of diammonium phosphate (DAP) from an American fertilizer producer and looked forward to delivery of the cargo at Bordeaux, France during the month of December.
The cargo was to be transported aboard a Cypriot flag vessel named M/V Galaxy Faith which had been built at Abderdeen, Scotland only 18 years ago as the M/V Insco Producer but had come upon hard times, been purchased by a firm known as Lyra Shipping of Nicosia, and allowed to deteriorate until her value — even for scrap — was nominal.
