Grand China also owes for fuel which has led to threat of vessel seizure by a US federal court at the bidding of its Hong Kong-based supplier United Bunkering & Trading.

The company has owed money on its early handover of the Oslo- and Singapore-listed Golden Ocean Group vessel the Ocean Minerva but has since come to an agreement on compensation. A payment of US$18.6 million is sought by the Vafias Group in English and US courts for handing back early on a charter due until 2015.

At a cost of $50,000 a day, the capesize vessels can make on the short-term spot market an average $18,000 daily. However, despite a lack of returns, cutting long-term charters incurs ongoing payments for the duration of the agreement.

The Vafias Group, which last year successfully pursued GCL and HNA for non-payment in the English and US courts, is seeking $18.6 million in the US courts after GCL handed back early a vessel it was due to charter until 2015, compensation is due in February 2012.

The spate of delays on chartered payments include China's shipping unit Shagang of Jiangsu Shangang steelmaking group which has an outstanding debt of $4.8 million on the M/V Houston on a charter running for five years. Prior to this, Cosco stopped its payments on long-term charters in mid-2011 until it was threatened by vessels seizure by shipowners.