Otto Marine enters arbitration with Vettal Mega Services

Otto Marine enters arbitration with Vettal Mega Services

Otto Marine has announced that its subsidiaries, Swordfish 5 and GO Offshore, have each commenced arbitration proceedings under the London Maritime Arbitrators Association Terms 2012 with Vettal Mega Services in connection with bareboat charter contracts.

Otto Marine claimed that Vettal Mega Services has failed to pay hire due, owing $6m under the contracts.

“The company is working closely with its lawyers in connection with the legal proceedings to, inter alia, enforce the subsidiaries’ rights under the contracts, and safeguard as well as protect the interests and assets of the group,” Otto said in a statement.

Last week, Otto Marine also started arbitration proceedings against Robert Knutzen Shipholdings for alleged default on charter parties.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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