Asia/Pacific News
OW Bunker Reaches Deal for Release of Arrested Tanker
Wednesday June 25, 2014
OW Bunker has reached a settlement with the owner of a very large crude carrier (VLCC) owned by Gulf Marine Management (Gulf Marine), allowing the ship to be released from India, where it had been arrested, industry news site Tradewinds reports.
A Gujarat High Court ordered the Leo Glory released two months after its April arrest over a $2.28 million debt for fuel supplied to the ship while it was on time charter to Calypso Navigation SA of Panama.
OW Bunker had argued that Calypso Navigation and Gulf Marine are sister companies and that both owed it money.
Details of the settlement were not available.
Gulf Marine was formed in 2004 to manage KG-financed VLCCs.
