Long Running Arrest Argument

According to reports Shagang Shipping has commenced a repeated bid to arrest a vessel connected with HNA Group.

The actions are part of a legal campaign waged as a result of long-running legal campaign over a contractual dispute. The catalyst stemming back to the hire of a ship in 2008. The company is seeking $66.4m from the HNA Group for “non-payment of money due under contract of guarantee dated 6 August 2008”.

Shagang initiated the arrest of 2010-built, 175,858 dwt, Hong Kong-flagged capesize “Bulk Peace” by the Western Australia District Registry on March 17.

The vessel has run into similar problems before, indeed “Bulk Peace” was previously arrested by Shagang in connection with the same dispute in March 2011 in India.