Sberbank is trying to recover RUB 13bn ($205m) from Turkish tanker owner Palmali's Russian subsidiary in a bankruptcy case.
But the unit of the Mubariz Mansimov-controlled shipping company has vowed to revive its fortunes as the group announced new charters.
The Kommersant daily reported that the Russian bank is pursuing unpaid loans taken out by Palmali to refinance other debt and buy vessels.
An application has been made to the arbitration court of the Rostov region.
Court documents cited show that in 2013 and 2014, Sberbank opened three credit lines for Palmali.
The first involved $56.5m intended to refinance vessels and repay a loan to Alfa-Bank, while the second was for $104m to buy 10 vessels.
The other loan of $60.3m was for the acquisition of another five ships.
It owes $184.2m on these loans, the RBC website reported. There was also another loan of $34m made in March 2014. At the end of 2017, Sberbank demanded that the remaining $26.6m of this be repaid.
The bank has mortgages on 46 Palmali vessels and five properties, court documents showed.
Defiance from Palmali
Palmali's Russian CEO Alexei Mikhelev told Kommersant that he sees a way out of the situation.
"We are not going to go bankrupt," he said.
"Now we are working out the mechanisms for financial recovery of the company. What kind of mechanisms it will be, I cannot say.
"This is a commercial secret. But I will say that we have already paid debts on salaries to our employees."
Sberbank is not commenting.
The Russian unit is listed with five small tankers, while the wider group operates more than 200 ships, including chartered-in tonnage.
New charters revealed
In Turkey, Palmali told local media that it had signed five new charter deals over the last three months.
Counterparties included Repsol, Intoil and Nikoil.
The deals cover 70% of its fleet of tankers, MPPs and general cargoships, it said.
Chairman Mansimov said 2018 had started very well for the group.
A total of 12 vessels have been fixed to Intoil under a long-term deal.
And a charterer named as Tin Treyk has taken three more ships over five years.
The group also wants to grow its gas operations, it said.
It is in talks with companies in the US and Europe over two tenders.
Palmali said it has one other rival for the business, negotiations over which will continue for the rest of the year.
Cereal group Tiryaki has also signed a five-year agreement with the company.
Tankers arrested
In April, TradeWinds reported that Russian oil trader Litasco had two Palmali tankers arrested over non-payment of bunker bills.
The subsidiary of energy group Lukoil seized the 19,800-dwt Bozdag (built 2002) in Tallinn, Estonia, and the sistership Natig Aliyev in Denmark.
It is understood they remain under arrest.
Litasco is seeking RUB 70.2m in the case at the Rostov court.
Palmali is facing claims from 26 creditors in Russia.
Last September, Palmali launched a near-$2bn legal action against Litasco.
The Turkish company said the claim has been lodged at the UK high court, according to Reuters.
“The claim concerns an alleged failure by Litasco to provide contractual quantities of cargo under long-term contract between the companies,” Palmali said.
It added the case involved “breach of contract amounting to just under $2bn plus interest and costs.”
But the action has insufficient legal grounds, Lukoil president Vagit Alekperov has said.
"I think the company's position is pretty strong. The statements that Palmali has made are legally groundless," he added.
In January, Azerbaijan's national oil company Socar contradicted reports it had seized 14 Palmali tankers over debts.
