BUE Caspian Ltd.

The flag follows a 2001 photograph of Cygnet. Ownership at that date is unclear, though the vessel appears to have been under BUE Caspian Ltd.’s control.

The archive describes a 1981 BUE Ships business renamed following a 1991 buyout. The retrieved legal-name chain is different; transfer of the earlier business to the 1991 company has not been independently established. Caspian subsidiaries must retain their own jurisdictions.