A trio of financiers and Norway are asking for a pair of Coastline Maritime-linked OSVs to be sold in an effort to recover more than $250m in defaulted loans.
Caterpillar Financial Services Asia, Eksportfinans, KFW IPEX-Bank and the Norwegian government are pursuing a lawsuit in Houston federal court made over loans to the registered owners of the 7,241-dwt Caballo Marango (built 2010) and the 6,835-dwt Caballo Maya (built 2012) between 2008 and 2017.
The outstanding loans total $267m. Some $112.5m was lent to Marfiled Limited, the registered owner of the Caballo Maya, while another $154.5m is owed by Shanara Maritime, the Caballo Marango's owner. Both ships are connected to Singapore-based Coastline Maritime.
The ships, currently laid-up, were seized in June following a lawsuit from Grupo R.
The Mexican oil and gas company was seeking to get back a $10m deposit made when it wanted to buy the ships in 2014 before the deal fell apart.
The lawsuit by the financiers and Norway was filed last week as an intervenor complaint in Grupo R's case.
Lawyers claimed that Caterpillar and Eksportfinans first extended an $89.4m loan to Marfield in 2008, with Caterpillar providing an additional $3.5m in 2015 and $16.4m in 2017.
Additionally, Caterpillar lent $44m to Shanara and Norway $39m through government trade bank Eksportkreditt for a total of $83m in 2012, with KFW lending $20m in 2013 for the installation of cranes on the ship. As with Marfield, Caterpillar loaned Shanara another $3.5m in 2015 and $16.6m in 2017.
Neither company has made payments since 17 March 2014, the group alleged. Marfield is said to oweEksportfinans $47.7m and Caterpillar $64.7m, while Shanara owes Norway $64.5m, Caterpillar $67.8m and KFW $22.3m.
Coastline did not respond to requests for comment.
In Grupo R's suit filed in May, the company sought to buy the Caballo Marango and the Caballo Maya for $178m and $150m, respectively.
The deal fell apart when neither registration company could secure the release of the ships, seized when charterer Oceanografia declared bankruptcy after a criminal investigation.
The ships were sized a second time in Mexico by Grupo R in their attempts to get it deposit back.
Eventually, the ships were released and laid up in Galveston.
