The vessel’s name “Wise Honest” is rather amusing, given that its actions were not wise and definitely not honest.
According to vesseltracker.com, as of today, it’s AIS tracker has been off for 643 days, since August 2017, which is the first clue that it was up to no good.
The vessel is a bulk coal carrier, operating under the North Korean flag and owned by a North Korean company and crewed by a North Korean crew.
The United States had obtained a warrant to seize the vessel some time ago, but only recently did the vessel venture to an area where the United States felt comfortable in making the seizure. It is currently under the escort of the United States Coast Guard with United States Marshal’s aboard.
Here is a link to the information filed by the United States Attorney’s Office for the Southern District of New York, seeking condemnation of the vessel, which would permit the United States to then auction off the vessel The vessel is accused of evading sanctions against North Korea.
As is customary in admiralty cases, this is an “in rem” proceeding and the case is titled United States of America v Wise Honest.
Well, they have to condemn the ship first in court before there will be any auction. It is still technically the property of its North Korean corporate owner until it has been formally condemned.
So… they just have to say it’s a naughty ol’ ship and they can auction it off? That’s freakin’ awesome. Surely there’d be other interesting collectibles at said auction too.
If you have $1,000,000 cash on hand, they MIGHT let you in the door. This particular vessel actually will likely sell for considerably under $1,000,000, but you have to have the demonstrated wherewithal to take possession of it, which pretty much limits buyers to either corporations or the very top 1% of the 1%.
Technically, it is not a fixed dollar threshold. Rather, you are evaluated as to whether you are a credible buyer. That means that you not only have sufficient cash, but that you have a legitimate reason for wanting to own the vessel. Almost ZERO non-corporate buyers are going to demonstrate why they need a bulk freighter. And of course, you must demonstrate that you or your company has the ability to provide a crew for the vessel and provide for the operation of the vessel, ongoing fees and taxes, etc.
However, the United States Marshal’s DO hold forfeiture auctions that you might be interested in. Of course, the items are more mundane such as seized vehicles, etc.
It is still technically the property of its North Korean corporate owner until it has been formally condemned. 
