Forced Discharge

The car carrier “C Ladybug” is set to be forced into discharging cargo which has remained stuck on board since it was arrested around two months ago as the owning company TMT continues to deal with its financial woes. 

The move follows a ruling from a local judge in an Antwerp court that cargo interests should in principle be able to access their merchandise.

The 2012-built C Ladybug was arrested in Singapore in February, released, and then arrested again in the Antwerp in March, at the behest of multiple parties owed money by the company and related interests. The vexed creditors include First Bank, Mega International Commercial Bank, Cathay United Bank and other banks.

As is to be expected when a company goes into such financial meltdown, seafarers across the fleet are left in limbo waiting for wages to be paid. The crew of the TMT VLCC A Whale recently distributed a round robin letter, complaining of not being paid for several months, and last week TMT’s affiliate shipmanager admitted that only one of its 18 VLCCs had a cargo.

The company has claimed that wages will be settled, but it is far from clear as to how this will be done and when, leaving seafarers to suffer the torment of financial uncertainty.