ING Bank Resorts to Vessel Arrests to Collect OW Bunker Debts
- Business & Finance
Three product tankers have been arrested as the ING Bank pushes to claim over $400,000 of unpaid bunker bills on behalf of bankrupt Danish fuel supplier OW Bunker.
The vessels in question include a product tanker duo, MT Celosia and MT Iris, operated by Indonesia’s Berlian Laju Tankers (BLT), which were arrested last Wednesday in Singapore, data from the Singapore Supreme Curt shows.
The vessels were released following the security payment. In addition, ING Bank is reported to be behind another vessel arrest, namely that of the Sunrise Eco product tanker that took place last week in Sikka, India.
The arrests come in the wake of ING Bank notification to OW Bunker’s customers that they must pay money owed to OW Bunker, directly to the bank.
ING’s position is supported by the bankruptcy trustees, Danish law firm Gorrissen Federspiel, who say that all amounts outstanding to OW Bunker must be paid in accordance with invoices, failing which the bankruptcy estate will take legal action to enforce payment, and that the physical suppliers must file claims in the bankruptcy as unsecured creditors.
As a result, there is a threat of arrest of vessels and/or the bunkers under the so called “retention clause“, however whether a vessel can be arrested in a particular jurisdiction depends on the law in that jurisdiction, according to the Swedish Club.
World Maritime News Staff