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.
LOGISTICS
10 January 2012 - 20:11
Hainan's Grand China debts mount, reneges on charter payment pledges
HAINAN province's Grand China Logistics, a subsidiary of China transportation group HNA, is to pull out on two chartered capesizes, its largest dry bulk vessels, because of loss-making on the spot market caused by hefty daily charter rates, reports London's Financial Times.
LOGISTICS
10 January 2012 - 20:11
HAINAN province's Grand China Logistics, a subsidiary of China
transportation group HNA, is to pull out on two chartered capesizes, its largest dry bulk vessels, because of loss-making on the spot market
caused by hefty daily charter rates, reports London's Financial Times.
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