COSCO ship seized for no payment
Published: Nov 11, 2011
Singapore - The local maritime authorities has confiscated a China COSCO Holdings ship for failing to pay for its charter services, according to the company.
The carrier Song Shan Hai is a 74,000-tonne bulk vessel COSCO chartered out to a company which failed to abide by its contract, a Hong Kong-based COSCO Holdings official said in a report by Reuters.
The unidentified company did not pay the $1 million charged for the usage of the ship, leading to the impoundment.
Asia Legal's Wendy Leong, counsel of COSCO's unidentified company, revealed the ship would be held by Singapore's Supreme Court until the dispute was resolved.
Two other COSCO vessels were previously impounded after it stopped making payments to sever shipowners, souring the relationship with several maritime companies.
COSCO had resolved its payment disputes by reducing a large portion of its charter costs, the article stated.
Managing people? For HR and leadership strategy, Human Resources has it covered.
Get your marketing department up to speed with Asia's most read marketing site
Cosco Related Stories:
- COSCO secures contracts worth S$1.1 billion
- Cosco chairman steps down
- Cosco VP’s retirement shocks industry
- Cosco backpedals
- Four shipping companies awarded US$850,000
- Cosco to cancel or delay orders
- Container throughput continue to dip
- Evergreen and COSCO combine services
- Cosco cancels US$300m order
- Shipping lines increase rates
- Shipping lines mull rate increase
- Cosco to purchase vessels
- Cosco could face US$1m fine
- Cosco reports loss in 2009
- Cosco sees leap in Q1 net profit
- Cosco secures US$100m deals
- Cosco pens 11 contracts
- China Cosco back in black
- Containers double for Cosco