Bank of America is looking to arrest a Turkish-controlled bulker alleging its owner owes it more than $7m.
The US banking giant filed a lawsuit in the US federal court for the Eastern District of Louisiana on 18 March against the 35,500-dwt Marine Princess (built 2012) and registered owner Sunset Shipping. The banking giant alleges the shipowner had missed nearly two dozen loan payments.
According to the complaint, earlier this month Bank of America acquired a $27.7m loan that Credit Agricole had made to Sunset Shipping and Dawn Shipping in 2014 to refinance the Marine Princess and the 35,500-dwt Marine Prince (built 2012).
The loan was split into two tranches of $13.9m for each of the two ships. The Marine Prince's registered owner is Dawn Shipping.
Beginning in February 2018, Bank of America said Sunset Shipping and Dawn Shipping began falling behind, failing to make payments on each of the tranches three times in 2018, three times in 2019, four times in 2020 and once in 2021.
Each payment was $250,000 plus one working capital facility payment of $1.25m.
The bank said Sunset Shipping is jointly liable for payments on both of the tranches, even if only one set covers the Marine Princess. The Marine Prince's registered owner is Dawn Shipping.
Shared address
Dawn Shipping and Sunset Shipping share an address with Istanbul-based Semih Sohtorik Management & Agency, which did not return a request for comment.
In loan documents entered into court, company chairman Emir Sohtorik is named as the personal guarantor of the loans.
He is listed as the contact for "financial and credit matters", with Semih Sohtorik's office listed as the address.
In 2011, TradeWinds identified the company as family-run and having ordered the Marine Prince and Marine Princess from Cosco Guangdong Shipyard.
Shipping databases show neither ship has changed its registered owner, technical or commercial manager since delivery in 2012.
According to the court docket, an arrest warrant has been issued for the Marine Princess but has not yet been served.
AIS data shows the ship is moored in the Mississippi River near New Orleans and the Marine Prince in the South Atlantic off South America en route to Brazil.
Bank of America is represented by law firm Phelps Dunbar in New Orleans.
