Shagang arrests second HNA vessel in two weeks

Hong Kong: Hong Kong-based Shagang Shipping has gained an order for the arrest of HNA-controlled oil tanker MV Guangzhou at Gwangyang port in South Korea on March 28th in an effort to seek overdue payment of $66.4m from HNA Group.

Shagang also arrested the HNA vessel MV Bulk Peace in Australia on March 19, but the vessel was released later by an Australian court, as the court believes Shagang had provided insufficient evidence that HNA was the vessel’s beneficial owner.

“We will continue to send a clear message to HNA, and specifically its investors and stock holders that we intend to enforce our claims by locating all of HNA's assets wherever and whenever we can across the globe to obtain further arrests. We remain baffled as to why HNA Group as guarantor does not simply honour its debts to us. If HNA Group is, as reported, aggressively expanding into other areas and has significant lines of credit then we do not understand why they are delaying paying their debts. Investors need to ask some pertinent questions of the Group,” said a spokesperson from Shagang Shipping. [01/04/14]

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