Claimants line up following arrest of tanker

A Greek-registered tanker has been arrested in Cape Town as claimants attempt to get a settlement of debts. On November 15, the Royal Bank of Scotland (RBS) obtained an interim order for the judicial sale of MT Vasi following default by Ocean Tankers under loan and credit swap agreements. This, and the subsequent failure of Vasi Maritime Co (registered owners of MT Vasi) to honour a corporate guarantee issued by it in respect of Ocean Tankers’ obligations under those agreements. The corporate guarantee was secured by a mortgage over MT Vasi, and the bank had previously arrested the vessel, as had bunker suppliers Bunkernet. RBS is claiming US$328 million plus interest and costs, and Bunkernet has claimed US$450 000. The ship has been roughly valued at US$14 m. Although the bank’s claim is huge and will presumably wipe out any claims ranking after it, a legal adviser told FTW that the SA ranking provisions put a range of claims ahead of the mortgagee – from ship repairers and suppliers of goods and services to the vessel for her employment to claims by bunker suppliers and chandlers. It would not include forwarders or importers/exporters. The provisional order was expected to be confirmed by the court on November 29, and the sale is expected to take place in January 2012. According to Mark van Velden, director of Durbanbased maritime solicitors, Van Velden Pike and Partners, creditors can then lodge claims with the fund created by the proceeds of the sale.