Asia/Pacific News
Singapore Bunker Tankers Arrests Bank-Related Dispute: Reports
A bank dispute is behind action taken earlier this week against four bunker barges owned and operating by Singapore-based Vermont UM Shipping Pte Ltd, it has emerged.
The ships were arrested in the city state on Monday, court records in Singapore show.
News agency Reuters cites the ships' owner/operator as Vermont UM Shipping Pte Ltd.
In addition, an unnamed source is reported by Reuters as saying that an Asian finance house was behind the move against the ships.
The four arrested bunker tankers are licenced to operate in Singapore, according to the Maritime and Port Authority of Singapore (MPA) .
Vermont UM Bunkering Pte Ltd has shares in Vermont UM Shipping Pte Ltd, according to the Reuters' report.
The company's bunkering licence for Singapore was revoked by the MPA in 2016.
