Damage to a George Economou-controlled capesize bulker, which was involved in an alleged hit-and-run collision in broad daylight, appears to have been substantially overestimated.
The Chinese-owned, 46,500-dwt bulker U Glory (built 1998) has been released from arrest at the Indian port of Kandla after a survey of Cardiff Marine's 177,900-dwt Madeira (built 2007) and a court-approved settlement.
Representatives of Tianjin-based shipowner Kind Glory Shipping handed over $250,000 to a Cardiff Marine affiliate on 18 May, and the handymax departed port some three weeks after it had been arrested.
Cardiff affiliated owning entity Arlen Maritime had originally demanded $1m to cover repairs, loss of hire and other expenses.
The Greek and Chinese owners could not be reached for comment. Kind Glory's lawyer in India, Shashank Agrawal of SSA Legal, said the parties "have commercially settled the matter in record time" but did not comment on the basis of the settlement, or the cause of the incident.
Lawyers for the Madeira interests had originally complained that the vessel would miss arrival dates in the Ukraine because of the incident. But AIS data shows the ship left Kandla on 7 May and is now in the Black Sea.
The remarkable collision caught on video and circulated on YouTube, occurred on 27 April while the Madeira was anchored and lightering coal in the Kandla outer anchorage, surrounded by crane and lightering barges.
The video shows the handymax making directly for the stationary capesize, narrowly missing a head-on collision, scraping its port bow, then striking a lightering barge head-on.
Not visible in the video are the subsequent alleged actions by the handysize. Lawyers for the Madeira interests claimed the Chinese ship reversed direction moments later, struck both barges again and departed without responding to protests from the Madeira's master.
The capesize was lightering some 163,300 tonnes of coal from South Africa. The handymax was carrying steel coils, trucks and machinery for delivery at Kandla.
The U Glory is entered with protection and indemnity club British Steamship, while Madeira's relevant cover, freight, demurrage and defence, is with the UK Defence Club.
