TMT vessel arrested by Hyundai

Taipei: Car carrier, B LADYBUG, owned by Taiwan-based TMT has been arrested by Korean company Hyundai Heavy Industries and its subsidiary in Malta.

The 27,000 dwt B Ladybug was built in 2011 at Hyundai Samho.

TMT had succeeded in having a portion of their marine assets placed under Chapter 11 bankruptcy protection in Houston, which extends to 17 vessels, including, “A Ladybug” and “C Ladybug”. B Ladybug was not named in the bankruptcy protection, and so has become a target for those pursuing claims.

Earlier this month, TMT had defaulted on payments for 12 bulk cargo ships with a total contract value of $650m ordered from Hyundai Group. [22/10/13]

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