Small Debt Big Problem

A ship has been arrested and held in Singapore for the want of a measly S$9,000 ($7,048.8) – causing surprise and concern in equal measure.

The Wisdom Marine general cargoship vessel Genius Star II was arrested over the claims for unpaid invoices for goods and services which had been reportedly left unpaid for several months.

While the amount claimed is small, there are some S$50,000-S$60,000 in legal costs to factor in too. Wisdom is reportedly set to fight the case in Singapore, and could be looking to press a charge for wrongful arrest and compensation over lost trading and damage to reputation.

The company has been hitting the headlines for good and bad lately – they were fined for damage to Philippine coral reefs last month, after their vessel MV Unicorn Logger ran aground. While on a more positive note the company has just placed an order at Tsuneishi Cebu, the Japanese yard in the middle of the Philippines, for a pair of 58,000dwt supramaxes. The ships are due for delivery in 2015.

Wisdom Marine has laid out a fleet expansion plan that will see it hit 100 ships in the next two years.