Asia/Pacific News
Another STX Pan Ocean Ship Arrested
The STX Pan Ocean Shipping Co. (STX) vessel New Giant has been arrested in New Zealand following the company’s decision to file for bankruptcy, local newspaper the Gisborne Herald reports.
The New Giant was in New Zealand’s Poverty Bay waiting to load logs at Gisborne, but port operator the Eastland Group denied it entry after finding that STX had been placed in receivership.
The receivers, on behalf of the company’s creditors, won a High Court order to seize the ship.
“The ship cannot be moved now without the permission of the registrar of the High Court,” a court official said.
“It has effectively been arrested, and placed in handcuffs.”
Shipping agent Kevin Pitcher said the writ was attached to the vessel’s hull and a copy was given to the ship’s captain.
“The crew lowered a bucket over the side, and the copy of the document was placed in it for the captain to peruse,” he said.
The ship has a crew of 23, and Pitcher said they have sufficient food and water for “a couple of weeks,” adding that ship’s agents will be in regular contact with them.
Two other STX ships were recently arrested, one in Singapore and another in the U.S.
The South Korean company cited high bunker prices, as well as declining freight rates and an oversupply of ships, when it filed to enter a government-backed restructuring process.
