Singapore seizes Italian firm's ships due to unpaid debt

Singapore has arrested two vessels owned by Italian shipping firm Rizzo Bottiglieri De Carlini Armatori due to an outstanding debt of nearly $5 million, a lawyer handling the case said on Friday.

Singapore seizes Italian firm's ships due to unpaid debt

World Bulletin / News Desk

Singapore has arrested two vessels owned by Italian shipping firm Rizzo Bottiglieri De Carlini Armatori due to an outstanding debt of nearly $5 million, a lawyer handling the case said on Friday.

Singapore's Supreme Court approved the arrest this month of the 109,000-deadweight tonne crude oil tanker, Adele Marina Rizzo, and 178,000-tonne dry bulk carrier, Cavaliere Grazia Bottiglieri, according to the court's website.

The two ships are being held as collateral for unpaid debt owed to maritime firms Fratelli Cosulich Hong Kong Limited and Madeira Lda, said Kevin Kwek, a Singapore-based lawyer for Legal Solutions LLC, which seized one of the vessels.

"There is an outstanding debt from the owners ... for around $4.7 million," Kwek told Reuters. "We are currently in talks (with RBD Armatori)."

Officials from the privately-held Italian firm, which operates at least 18 ships, could not immediately be reached for comment.

The shipping industry is struggling through a four-year slump caused by a glut of vessels, high bunker fuel prices and global financial turmoil.

Last Mod: 24 Ağustos 2012, 09:20
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