SAMSUN Logix Hellas, a Greece-based owner linked to troubled South Korean bulker operator Samsun Logix, is facing a raft of rule B attachment applications in a New York court that seek to freeze more than $11m to cover unpaid charter payments.
The largest has been filed by Malta’s Hope Shipping which is seeking $10m to cover unpaid charter fees for the 1981-built, 24,030 dwt Ist. Hope Shipping is linked to Croatian shipowner Jadroplov.
Samsung Logix Hellas manager Kurt Kim told Lloyd’s List that negotiations were taking place with Hope Shipping to reach a “commercial settlement”, but said the outstanding amount was “much, much less” than the $10m.
He was also unaware of two other rule B attachment applications that had been made on behalf of two other owners. “We have not been informed by any other owners or charterers of legal action,” Mr Kim said.
Turkish owner Er Denizcilik Sanayi Nakliyat ve Ticaret is seeking to freeze $681,000 related to the 1985-built, 27,652 dwt Fuat Bey. Racing Shipping, which is linked to Greek owner Sea Force Shipping, has applied to secure $399,000 allegedly owed on the 1985-built, 43,479 dwt Alkistis.
All three applications have been filed in New York’s southern district court.
ER Denizcilik declined to comment. When contacted by telephone, one executive said: “We can’t comment on anything.” He said talks were taking place to resolve what he said “was not a real dispute” between the firms.
Mr Kim expressed surprise that action was being taking over the Fuat Bey. “We are now trading the vessel. We are paying the hire,” he said.
Racing Shipping confirmed that its rule B application covered outstanding charter and other payments related to the Alkistis.
Explaining the circumstances leading up to the application, one source said Samsung Logix Hellas started having problems making payments on the vessel in October. The company redelivered the ship at the end of last year and later negotiated a lower charter rate with Racing Shipping. But after that agreement the source said Samsun Logix Hellas was “unable to pay in January and February”.
He added the company approached Racing Shipping to renegotiate “but by that time the trust was gone”.
Hong Kong’s Winland Shipping has also made a rule B application but no details of the amount being sought has been released, while the shipping company could not be contacted.
Mr Kim said Samsun Logix Hellas was a legally registered company in Greece that had no direct contact with Samsun Logix Corp in Seoul. This was disputed by several sources, who said there was “definitely a relationship” between the two firms, which share the same business logos.
Mr Kim added that Samsun Logix Hellas was a shipowner and operator with three owned vessels and four chartered vessels, comprising four handysize ships, one handymax and two panamax vessels.
Sources with Samsun Logix, which applied for court protection a week ago, said most of the chartered-in tonnage of around 60 mostly handysize and handymax vessels, would be redelivered to owners because the company is prevented from seeking new business under court rules.
“Some of the vessels are at anchor, some have been redelivered to owners, some are trading, completing voyages,” the source said. He declined to give details of the ships.
I'm sure this will keep the lawyers busy for awhile.
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