Asia/Pacific News
Two HNA Ships Arrested in Ongoing Dispute
Two ships controlled by the HNA Group have been arrested within the past two weeks as Shangang Shipping of Hong Kong seeks repayment of $66.4 million plus interest, Shangang Shipping said in an emailed statement.
Most recently, the M/V GC Guangzhou was arrested at the Port of Gwangyang in South Korea, and the MV Bulk Peace and MV Henna were previously arrested over the dispute.
"We will continue to send a clear message to HNA, and specifically its investors and stock holders that we intend to enforce our claims by locating all of HNA's assets wherever and whenever we can across the globe to obtain further arrests," a Shangang Shipping spokesman said.
"We remain baffled as to why HNA Group as guarantor does not simply honour its debts to us."
He added that HNA Group is reportedly expanding aggressively into other areas and has "significant lines of credit."
"Legal actions such as arresting ships have so far proved the only way of forcing HNA to settle its debts and we will continue to pursue the HNA Group by such means," he said.
The dispute began with the 2008 hire of the vessel MV Dong-A-Astrea, a deal in which Shangang Shipping claims HNA Group failed to honour its contractual obligations.
Shangang Shipping says it has already obtained a winding-up order against HNA subsidiary Grand China Shipping.
HNA Group operates numerous Chinese businesses in industries including aviation, logistics, tourism and finance, according to its website.
