Second HNA Vessel Arrested Within a Fortnight
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’.
HK Firm Gets Ship Arrested, Shines Light on Debtor's Operations
Hong Kong company Shagang Shipping has successfully obtained an order for the arrest of the HNA Group controlled vessel 'MV Bulk Peace' from the Western Australia District Registry. The move is part of a long-running legal campaign seeking payment of USD 66.4m from HNA Group. The claims arise from 2008 when Shagang Shipping chartered a capesize bulk carrier MV Dong-A Astrea, owned by Dong-A Tankers, to a HNA Group company, Grand China Shipping Company Limited, for a period of seven years.
Court To Decide Fate of Product Tanker Fleet
A dispute has erupted in New York courts over control of a fleet of petroleum product tankers, currently working for oil major Shell. Both the owner of the ships, First International, and an investment fund, which lent most of the $257 million to build the fleet, have asked the court to decide which of them controls the future employment of the six tankers. The tankers have worked for Shell since new on a seven year contract, at a rate described by brokers as "rather generous", but last year, as widely anticipated, Shell exercised its right to pull out from the deal. First International, a chain of eight interlinked tanker-owning companies controlled by Norwegian tanker-mogul Tom Steckmest, was left looking for fresh employment.
