British Virgin Islands (BVI) incorporated petroleum products trading firm Septo Trading Incorporation (Septo) on Friday (3 January) submitted an arrest order for the 5,850 dwt bunker tanker C Rock at the First Instance Court of Piraeus.
The arrest order for the vessel was initiated by Septo due to an alleged debt of approximately USD 16.5 million (exact: USD 16,517,896.16) owned by Greek bunkering firm Macoil International SA (Macoil), according to Greek court documents seen by Singapore bunker publication Manifold Times.
The USD 16.5 million debt was derived from two separate Septo bunker cargo deliveries at the SKS Tanaro floating storage unit in Gibraltar in July and August 2018.
A number of other litigants and banks, including BNP Paribas, Unicredit, Vilma Oil, Sahara Energy Resource Limited, AOT Trading AG, and World Fuel Services, are also involved in the claim, showed the document.
The papers noted the Maltese-flagged C Rock to be owned by Marshall Islands registered Versus Trading which was alleged to be under the ownership/control of Chandris family and being “under the management of Macoil”; the parent firm purportedly lost more than USD 200 million before shutting down.
“Macoil International SA, whose trading license was withdrawn on 25.11.2019, was forced to cease operations due to the catastrophic interference of the family-owned property and the deliberate confusion between its corporate and personal property,” claimed the document.
“The owner family, illegally consumed so the entire share capital and all the financial services of banks and of commercial credit suppliers, making the company's inability to meet its obligations and forcing a shutdown.”
World Fuel Services Europe in mid-October submitted a complaint against Macoil at a U.S District Court claiming a total USD 11.75 million.
Manifold Times in late September reported Vitol SA seeking USD 20.6 million from Macoil over failed payment. The earlier court document also showed Macoil purportedly owing credit totalling USD 99.5 million to several parties.
Related: WFS Europe in $12 million claim against Macoil International over unpaid deliveries
Related: Vitol files bankruptcy suit against Macoil over failed payment
Photo credit: MarineTraffic / Tony Hogwood
Published: 9 January, 2020
Director Evan Lim said OTPL was exposed to USD 2.67 billion whereas EY found these claims amounted to USD 984 million, reports The Business Times.
National Iranian Oil Company, National Iranian Tanker Company, Ministry of Petroleum and associated companies designated as blocked entities.
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Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
