The costs awarded by the High Court and arising out of the arrest and subsequent sale of a ship shall be paid first out of the proceeds of such sale, and the balance of such proceeds shall be distributed among—
(a) the holders of maritime liens under section 76;
(b) the holders of preferential rights under section 79; and
(c) the mortgagees and holders of other preferential rights registered under this Part,
in accordance with the provisions of this Part and to the extent necessary to satisfy their claims.