Asia/Pacific News
Payment Dispute Sees Vessel Rearrested in Singapore
Winland Shipping Monday saw its Supramax bulker, Rui Lee, rearrested in Singapore over payment disputes on the orders of lawyers from Allen & Gledhill, Tradewinds reports.
The law firm is believed to be acting on behalf of the Dalian-based shipowner's mortgage holder China Merchants Bank (CMB), Tradewinds said.
The Hong Kong-flagged 56,928-dwt bulker was also recently arrested following payment disputes between Winland Shipping and Odessa-based charterer Milestone Shipping, the result of which saw CMB essentially become next-in-line to arrest the vessel.
It is understood the pair of ships represent Winland's only two main remaining assets.
Earlier this year the same ship was released from arrest by Bombay High Court after Winland Shipping and Seabridge Bunkering Pte reached an out-of-court settlement over unpaid bunker costs.
This month, Essar Group had one of its Capesize bulkers arrested in Singapore for the second time in 12 months.
