Court Orders Release

The ongoing struggle for the Taiwanese shipowner TMT has taken another twist according to US reports.

The owner has reportedly won another battle with a US court ordering one of its ships to be released from arrest. A Houston judge has ruled that the Taipei’s Shanghai Commercial Bank must cooperate with TMT and release its 37,000-dwt C Handy (built 2011).

This follows a similar ruling last month involving TMT’s 37,000-dwt B Handy (built 2011) which had been stuck off Gibraltar for two months.

The shipowner welcomed the decision “as a welcome step forward in my efforts to keep Taiwan in the forefront of the shipping business despite the wish of many other European shipping lines to see me closed down as a competitor coming from Asia.”