Four Bunker Barges Seized in Singapore over Unpaid Debt
Singapore law firm asks for vessels to be arrested; bunker barges owned by Vermont UM Shipping. Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night, according to the website of Singapore's Supreme Court. Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client, Malayan Banking Berhad, or Maybank, said a source with direct knowledge of the matter who declined to be identified as the person is not authorised to speak to the media. The source declined to specify the amount of the claims against Vermont UM Shipping. Rajah & Tann did not respond to an emailed request for comment. Maybank also did not respond to an emailed request for comment.
Seven Dongfang Ships Seized
According to Reuters, Credit Suisse and a group of Chinese banks have seized seven of Dongfang Shipbuilding's tankers due to outstanding debts of around $250 million after the Singapore Supreme Court ruled in favour of the creditors, a minority shareholder said. The Singapore-based shipbuilder was delisted from the alternative investment market of the London Stock Exchange last week after struggling for months to stay afloat in the face of a severe downturn in the maritime industry. Dongfang was previously contracted to deliver the seven vessels to European-based clients, which later cancelled the orders, former Dongfang chairman Narayanaswamy said, without identifying the clients and the value of the contracts.
