Greek owner Capital Ship Management has announced that its VLCC tanker Andronikos has been released from arrest in Singapore and has resumed trading after the owners’ P&I Club posted security.
The ship, together with an additional five VLCCs, were redelivered to Capital after Al-Iraqia Shipping Services & Oil Trading (AISSOT) terminated the contracts for the vessels in February, while the Andronikos was arrested as security for unsubstantiated market-related damages.
At the time AISSOT terminated the charter, the Andronikos had about another six years duration remaining under the contract.
Capital Ship Management claimed that AISSOT chose to redeliver the vessels on February 22 under dire market conditions and saw the action as a clear effort to disprupt the owner’s business.
The company is now pursuing appropriate sanctions against AISSOT and its relevant executives.