Legal

GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors

National Bank of Fujairah is looking to recover the outstanding amount of USD 2 million from a USD 11 million loan taken out in 2015 by GP Global, reports Reuters.

Published

3 years ago

September 15, 2020

Admin

The Gujarat High Court in India on Wednesday (9 September) ordered for a tanker owned by UAE-based oil and bunkering firm GP Global to be detained following a petition from the company’s creditor over a loan default, reported Reuters.

A court document had requested for Pipavav Port authorities to detain GP Global’s tanker GP B3 until the outstanding amount of USD 2 million was settled with UAE creditor National Bank of Fujairah (NBF).

The firm is one of the largest bunker fuel suppliers in the Middle East bunkering hub of Fujairah and has been forced into the restructuring after it failed to win backing from some of its lenders following internal fraud investigations, leaving it short of cash.

NBF allegedly told the court that GP Global had taken a loan of USD 11.05 million in 2015 and mortgaged GP B3 as well as two other tankers, the GB B2 and GP Asphalt III.

Since then, the bank has received payments on the loan, but defaults took place last month and the bank is now looking to recover the balance of the loan.

GP Global had previously stated that it will rule out sales of its assets as a means to stay afloat, but would rather make redundancies on lesser performing areas of its business.

Photo credit: Marine Traffic / mgklinngsick_aol_com
Published: 15 September, 2020

Vessel Arrest

Malaysia: MMEA detains tanker for illegal anchoring in East Johor waters

Panama-registered vessel was operated by 17 crew members, aged between 21 to 58 years, from Pakistan, India and Bangladesh.

Published

5 hours ago

November 29, 2023

Admin

Malaysia: MMEA detains tanker for illegal anchoring in East Johor waters

The Malaysian Maritime Enforcement Agency (MMEA) on Tuesday (28 November) said a Panama-registered tanker has been detained for illegally anchoring in East Johor waters on 27 November.

MMEA Tanjung Sedili Zone acting director Maritime Cmdr Mohd Najib Sam said the tanker was detained by a patrol boat at 11am at 15.8 nautical miles northeast of Tanjung Penawar.

The captain of the vessel failed to produce any documents that permission had been obtained to anchor in Malaysian waters.

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The vessel was operated by 17 crew members, aged between 21 to 58 years, from Pakistan, India and Bangladesh.

The case will be investigated under Section 491B(1)(L) of the Merchant Shipping Ordinance 1952 for anchoring without permission. If found guilty, individuals may be fined not exceeding MYR 100,000 or face an imprisonment term of not more than two years, or both.

Manifold Times previously reported law firm Oon & Bazul LLP sharing on steps shipowners should keep in mind before anchoring and conducting STS operations in Malaysian waters to avoid detention.

Photo credit: Malaysian Maritime Enforcement Agency
Published: 29 November, 2023

Vessel Arrest

Singapore: Comoros-flagged container ship “Race I” placed under Sheriff’s arrest

Ship, formerly known as “Wisdom Grace”, was added to the list of vessels under Sheriff’s arrest in Singapore’s court system; arrest was made on behalf of Oon & Bazul LLP.

Published

1 day ago

November 28, 2023

Admin

Singapore: Comoros-flagged container ship “Race I” placed under Sheriff’s arrest

Comoros-flagged container ship Race I was arrested in Singapore waters on Friday (24 November).

The 18,193 DWT vessel, formerly known as Wisdom Grace, was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 11.48pm and the arresting solicitor listed was law firm Oon & Bazul LLP. The ship is currently held at the Eastern Anchorage.

No details regarding the reason behind the arrest were provided in the list.

Photo credit: MarineTraffic / Frank-Peter Mecklenbeck
Published: 28 November, 2023

Winding up

Singapore: Final meeting scheduled for Teras Conquest 8 Pte Ltd

Final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference on 27 December.

Published

1 day ago

November 28, 2023

Admin

The final meeting of Teras Conquest 8 Pte Ltd has been scheduled to take place on 27 December, according to the company’s liquidators on a notice posted on Monday (27 November) on the Government Gazette.

The final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference at 10.30 am.

The meetings are being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the respective company disposed of and of hearing any explanation that may be given by the Liquidators.

The following are details of the liquidators:

Ng Kian Kiat
Goh Wee Teck
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 28 November, 2023