Credit Suisse is expected to repossess three bulkers from the fleet of beleaguered SAM Shipping, sources with knowledge of the situation said Friday.
The vessels targeted are the 57,200-dwt bulker Sam Jaguar (built 2013), 57,200-dwt Sam Hawk (built 2013), and 32,600-dwt bulker Sam Eagle (built 2010(.
The company's chief executive officer Dennis Saeviki acknowledged the imminent loss of one ship, the Sam Jaguar.
TradeWinds reported earlier on the bank's arrest of Sam Jaguar and two other ships at Singapore.
TradeWinds understands SAM Shipping will be left with three ships financed by other parties than Credit Suisse.
The repossessions are indirect results of the long-running arrest of Sam Eagle in a bitter dispute over alleged bill-of-lading fraud, unrelated to vessel financing. Malta-based trade financier FIMBank arrested the ship at Corpus Christi last September, where it remains amid energetic litigation.
The Piraeus-based shipowner has been financially battered by the ongoing battle, and Credit Suisse is no longer being patient.
“We are working hard and are committed to continue to service our clients and other stakeholders during these unprecedented and challenging times," SAM chief executive officer Dennis Saeviki said in a statement to TradeWinds.
"Unfortunately due to the long arrest of the Sam Eagle by FIMBank and the inability to find common ground with the financing bank, Sam Jaguar will be taken back by the financing bank."
The repossession comes at a time when bulker owners already financially vulnerable from weak markets have struggled with the trading effects of coronavirus pandemic.
"As governments are rightly taking measures to bail out banks and businesses, there are very few options for shipowners,” Saeviki told TradeWinds.
TradeWinds reported yesterday on Credit Suisse's arrest of Sam Jaguar at Singapore, where it had arrived after fighting off an attack by pirates with the help of the Indonesian navy.
There SAM Jaguar joined the 52,500-dwt Nord (built 2003) and 57,200-dwt bulker Sam Wolf (built 2012), which had both been arrested in February with claims by managers and trade creditors.
Lawyers for SAM Shipping have previously disclaimed the company's ownership of Nord, but SAM Shipping's adversary FIMBank has maintained that last year's sale of the ship to third parties last year was a sham.
Arrest orders on Nord and Sam Wolf were lifted Friday, but Sam Jaguar remains under arrest at Singapore.
Sources with knowledge of the matter expected the 57,200-dwt Sam Hawk (built 2013), now underway to Mundra, to be arrested soon pending negotiations over the handover.
Credit Suisse has not involved itself in the US Southern District of Texas federal court arrest lawsuit of Sam Eagle, but as mortgage holder sources expected it to end up with the ship.
Not counting the disputed Nord, SAM Shipping is expected be left with Sam Wolf, the 57,200-dwt Sam Lion (built 2012) and the 33,400-dwt Sam Panther (built 2010).
A Credit Suisse official could not immediately be reached for comment.
