Second HNA Vessel Arrested Within a Fortnight

MarineLink.com
Tuesday, April 01, 2014
Justice image CCL3

Hong Kong company Shagang Shipping informs it has successfully obtained an order for the arrest of the HNA Group controlled 1999 built, 163,346 gt crude oil tanker M/V ‘GC Guangzhou’ at the Port of Gwangyang (Yeocheon) in South Korea. 


According to Shagang Shipping this second arrest of an HNA controlled vessel in two weeks is part of a long-running legal campaign in which they seek USD$66.4m plus interest from HNA Group, which they maintain has failed to honour its guarantee and comply with its contractual obligations surrounding the 2008 hire of the vessel M/V ‘Dong-A-Astrea’.


To enforce various international court orders and arbitration awards, Shagang Shipping explains it has already arrested three ships, including the M/V ‘Bulk Peace’ twice, as well as the cruise ship M/V ‘Henna’ in September and now the M/V 'GC Guangzhou' twice. It says it has obtained a winding up order against the HNA company Grand China Shipping and has been granted a subpoena from the Southern District Court of New York requiring seven US and Chinese banks affiliated to HNA to provide details of the group’s financial transactions.



Shagang has been in a legal battle around the world seeking payment of the outstanding charter hire  and fees from Grand China Shipping Hong Kong, and its guarantor HNA Group which promised to step in and perform the charter if their subsidiary Grand China Shipping did not.  



A Shagang Shipping spokesperson said: "

We remain baffled as to why HNA Group as guarantor does not simply honour its debts to us. If HNA Group is, as reported, aggressively expanding into other areas and has significant lines of credit then we do not understand why they are delaying paying their debts. Investors need to ask some pertinent questions of the Group.”

He added:

“Legal actions such as arresting ships have so far proved the only way of forcing HNA to settle its debts and we will continue to pursue the HNA Group by such means.” 



 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Romica Manufacturer Secures DNV GL Approval

U.K. winch maker Romica said it is to “redouble its exports drive” after its Romania-based manufacturing partner successfully acquired accreditation with DNV GL.

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

Legal

ASEAN Breaks South China Sea Deadlock

Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request

China sets up South China Sea environment protection fund

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years,

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Ports

Port of Rotterdam Throughput Dips in 2016

Compared to the first half of 2015, which saw throughput increased by 6.8 percent, the Port of Rotterdam handled 3 percent less cargo in the first six months of 2016,

Libyan Deal to End Oil Ports Blockade Needs Signing

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government

Seago Line Introduces New Vessel to Liverpool Service

Maersk subsidiary Seago Line has introduced a new vessel to its recently created feeder service calling at Liverpool. The Independent Accord has already started

Finance

Funding Approved for Georgia’s New Inland Terminal

At its July board meeting, the Georgia Ports Authority (GPA) approved a spending package of $19.7 million to construct the Appalachian Regional Port in Chatsworth, Murray County, Ga.

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

 
 
Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1090 sec (9 req/sec)