ALTONA I

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Shareholders can purchase their arrested vessel

In a court decree, the justice authorised the private sale of the arrested "Blanenese", although it emerged that the purchaser had included the shareholder of the debtor ship-owning company. This was decided on Aug 22, 2013 in the names of Joint Stock Company Rietumu Banka, a Latvian registered bank. The Latvian bank presented an application before the First Hall of the Civil Court, where it stated that it was owed €1,128,077.67 by the vessel MV Blankenese. The loan was covered by a mortgage registered in Malta on 23 June 2006, however, the ship-owning company Blankenese Shipping Limited failed to make all the payments, as it was bound to do. A notice of default was issued on 10 January 2013, and the owners were duly notified that they were in default and were given a time in which payment of the balance of the loan was to be settled. The payment was not made until on 15 July 2013, and by then the vessel itself had been arrested. Read more: http://www.maltatoday.com.mt/en/businessdetails/business/lawreport/Shareholders-can-purchase-their-arrested-vessel-20130909

Arrested in Malta

FTO Bunkering has arrested general cargo ship Blankenese in Malta. The Malta-flagged Blankenese owes a total of about $1.8 million to various companies.