Two Ships Withdrawn from ETA Charters

Wednesday, August 25, 2010
Photo courtesy Dunelm Public Relations Ltd

The owner of the 53,609 dwt Supramax bulk carrier Paguera and the disponent owner of the 51,215 dwt Papillon, have withdrawn their ships from long-term time charters with Emirates Trading Agency LLC (ETA), a company registered in Dubai. With effect from this month (August), these ships are no longer available to ETA.

The 2003-built Paguera and the 2002-built Papillon are both managed by Harpa Bulk Shipping & Management GmbH & Co. KG in Bremen. Harpa is a shipmanagement company specialising in the bulk sector within the Harren & Partner Group in Germany. The Group operates close to 60 ships.

According to Harpa, ETA had repeatedly failed to pay due hire in time and then defaulted completely in paying hire as of early July 2010. HARPA revealed that this was despite the owners having shown considerable flexibility in accommodating the charterer’s alleged cash flow problems following the downturn of the shipping market in 2008 and thereafter.
The owners of both vessels have sought remedy in London arbitration. The arbitration tribunal decided in the owners’ favour and awarded in excess of $10m of outstanding hire. Harpa states that ETA has still not honoured these awards.

Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Creole Spirit Sets Sail for Sea Trials

Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering

French President Inaugurates CMA CGM’s New Mega Ship

The CMA CGM Bougainville, the largest containership sailing under French flag, was inaugurated Tuesday by French President François Hollande in Le Havre.   Other

Hapag-Lloyd Announce Service Improvement

For the benefit of increased schedule reliability, Hapag-Lloyd and partner lines have decided to take the following measures: Implementation of a fourth vessel

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1394 sec (7 req/sec)