Americas News
ING Seeks Double the Original Invoice Total to Settle an Outstanding OW Bunker Debt
Bunker buyers caught up in the fallout of the collapse of OW Bunker are already facing the prospect of paying their outstanding bunker bills twice - once as a contractual debt to ING Bank NV (ING) as the assignee of the now bankrupt bunker player, and again to the physical supplier for the actual bunkers.
But now there seems to be a new twist in the so-called "double payment" conundrum.
Court documents filed July 8, 2016, in the U.S. District Court for the Western District of Louisiana, Lake Charles Division and seen by Ship & Bunker, show that in a claim made by ING earlier this month, the bank is seeking double the original OW invoice total to settle an outstanding bunker debt.
The stem in question was made to the Precious Shipping controlled 33,700 dwt bulk carrier M/V Charana, which VesselsValue.com says is worth $5.71 million.
In its claim, ING says the invoice for the stem dating back to October 28, 2014, was $206,735.32.
ING is now seeking $415,898.41 to settle the matter, with the additional $209,163.09 consisting of $158,623.20 in interest, $539.89 in administrative fees, and $50,000 in accrued and anticipated legal costs.
A warrant for the arrest of the vessel was issued on July 8, and she was released last Thursday after a security payment of $310,102.98 was made to the court.
Ironically, the US was one jurisdiction where double payment of outstanding OW bunker debts was looking increasingly unlikely, with a number of rulings this year finding physical suppliers who dealt with intermediaries are ineligible to claim for their outstanding debts.
