German bank Portigon may have to take over day-to-day responsibility for a NewLead Holdings-owned bulker after the original arrestor says it has released the ship.
Ningbo, China-based ship supplier Better Marine released the 75,966-dwt Newlead Victoria (built 2002) last week, according to their attorneys Kuala Lumpur-based Christopher & Lee Ong.
Better Marine had filed the original arrest for the panamax bulker in late November after NewLead failed to pay a $189,000 bill for supplies and stores. Better Marine had been maintaining the vessel since then.
Three other creditors, Glander Bunkering, Zhoushan Xinya Shipyard and Singapore-based Western Standard Ship Supplies, filed arrests for the vessel during the interim.
As the ship's mortgagee, Portigon filed the largest claim, totalling $26.2m for the ship, which is valued at around $5m according to VesselsValue.
After the release from Better Marine, the creditors are in talks with a Malaysia-based sheriff over who should take over the arrest. The other creditors "are minded that Portigon AG should take over considering the fact that they have the largest claim," according to Christopher & Lee Ong.
Should the sheriff ask Portigon to take over the arrest, it will be responsible for maintaining the vessel and crew on board. Seventeen crew members of the Victoria claim to be owed some $330,000 in back wages. A decision on who will take over the arrest is expected soon.
The ship was arrested while it was carrying approximately $7m worth of coal on behalf of charterer DBC Shipping.
A representative of Portigon was unavailable to comment by presstime.
Representatives of NewLead have not made any appearance in any of the ongoing lawsuits, Christopher & Lee Ong says, and it is likely that the parties will proceed with the sale of the vessel.
