A COSCO Shipping Co Ltd (Coscol) heavylift vessel has been detained in Singapore since Monday by legal representatives from Incisive Law for "unspecified reasons", according to a document from the Singapore Supreme Court.
Singapore lawyers seize Cosco heavylift ship for 'unspecified reasons'A COSCO Shipping Co Ltd (Coscol) heavylift vessel has been detained in Singapore since Monday by legal representatives from Incisive Law for "unspecified reasons", according to a document from the Singapore Supreme Court.
The 28,450-dwt Da Cui Yun has the capacity for 1,735 containers as well as general cargo.
Emails to Coscol, a Shanghai-listed unit of state giant China Ocean Shipping, and Incisive Law seeking comment did not receive replies, reports Lloyd's List.
It said the company is not known to have any cash issues, although Coscol has faced mounting losses in recent quarters due to weak freight rates.
The multipurpose vessel operator posted net losses totalling CNY42.8 million (US$7 million) for January-September, and losses of CNY49.7 million during the same period a year earlier.
Cash reserves stood at CNY1.7 billion as of September 30, significantly lower than CNY4.3 billion at the start of 2013.
In 2011, several bulk carriers linked to China Cosco Holdings, the flagship unit of Cosco Group, were arrested in disputes over charter payments with a number of Greek shipowners, including DryShips and the Angelicoussis Shipping Group. The issues were resolved within months, after the carrier reportedly resumed regular payments at reduced rates.
