HK Firm Gets Ship Arrested, Shines Light on Debtor's Operations

MarineLink.com
Thursday, March 20, 2014
A bulk carrrier docked: File photo CCL

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. However, according to Shagang Shipping, Grand China Shipping only paid hire in accordance with the terms of the contract for the first five months and then ceased payment.

To enforce various international court orders and arbitration awards, Shagang Shipping explains that it has already successfully arrested three ships, including the same ship in India in March 2011 as well as the cruise ship MV Henna in September; obtained a winding up order against the HNA company Grand China Shipping and on 7 March was 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.

A Shagang Shipping spokesperson said:

“We are shinning a light on HNA and locating all of HNA's assets to enforce our claims. Whether these assets are heavily financed and backed by complicated leveraged transactions or not, we are examining them all closely. It is well reported that HNA relies on complicated lines of credit in order to aggressively expand and invest in aviation, shipping and hotels. But if HNA Group truly has unlimited access to such lines of credit we do not understand why they are going to such great lengths to avoid and delay honouring their contractual obligations to their business partners."
 

 

Maritime Today


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

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

People & Company News

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

Shell Presents Crewmember Safety Awards

Shell Shipping and Maritime, Americas recently held its third annual Goal Zero Hero Awards dinner in Houston, recognizing the crewmembers of 21 contracted/chartered vessels,

Bollinger Wins Contract for Phase II FRC Builds

Louisiana shipbuilder Bollinger Shipyards announced it has secured a contract to build Phase II of the Sentinel Class Fast Response Cutters (FRC) for the United States Coast Guard (USCG).

Legal

Yilport Acquires Sweden's Gavle Terminal

Turkish terminal operator Yilport Holding has gained full control of Gävle’s terminals.   Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG).

ICS Pushing For Balanced Update of York Antwerp Rules

At the Comité Maritime International (CMI) Conference, in New York this week, the International Chamber of Shipping (ICS) will be pressing to ensure that the proposed

OMB - Subchapter M Cleared for Publication

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The

Bulk Carrier Trends

Slower Demand for Larger Vessels Drags Baltic Index Lower

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday due to diminishing demand for larger vessels.

Maersk Returns to Liverpool

Maersk has been welcomed to the Port of Liverpool with a formal reception for its feeder vessel Antwerp. The event on April 27 was attended by Seago and Maersk representatives along with customers,

Asia Dry Bulk-Capesize Rates Under Pressure

Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo

Finance

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

ITIC Reports on Ship Agents' Costly Transhipment Errors

International Transport Intermediaries Club (ITIC) says it continues to deal on a regular basis with claims resulting from errors by agents involving transhipment cargoes.

Slower Demand for Larger Vessels Drags Baltic Index Lower

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday due to diminishing demand for larger vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0923 sec (11 req/sec)