A NewLead Holdings-owned bulker that has been abandoned off the coast of Singapore with a cargo of coal had its protection and indemnity (P&I) coverage revoked, according to a representative of the American Club.
American Club also said P&I coverage on other NewLead ships could have their P&I coverage pulled for lack of payment of premiums.
The 75,966-dwt Newlead Victoria (built 2002) remains at anchorage after the 16 crew members left the ship last week amid ongoing uncertainty as to who is responsible for the vessel and crew wages.
The ship has three arrest warrants outstanding, with the largest from German lender Portigon claiming some $26m in an unpaid mortgage on the ship. An attorney from another claimant says the ship's arrest is in the process of being taken over by Portigon.
Under Malaysian arrest law, the arresting party would be responsible for the crew's wages, maintenance of the ship, and delivering any cargo aboard the ship.
A representative of Portigon was not available to comment.
