Asia/Pacific News
Big Rise in Number of Singapore Ship Arrests
In 2012 Singapore saw a big rise in the number of ships arrested, official data from the Supreme Court of Singapore provided to Ship & Bunker has shown.
The number of ships arrested by the city state rose 36 percent year on year, to 114 in 2012 compared to 84 in 2011.
The number of warrants filed for arrests was up 40 percent from the 95 in 2011 to 133 last year.
Singaporean legal firms contacted by Ship & Bunker declined to comment on the increase, but shipping firms have been widely reported to be struggling with falling rates and rising bunker prices.
Italian shipping firm Rizzo Bottiglieri De Carlini Armatori SPA (RBD Armatori) in August 2012 had two of its vessels arrested in Singapore over debts of around $4.7 million owned to bunker supplier Fratelli Cosulich Hong Kong Limited and agency Madeira Lda.
John Fredriksen recently predicted a tanker-led recovery for the shipping industry over the next 15 to 20 months.
