Liquimar Tankers is facing claims over loan defaults from Commerzbank, in a case that has set a legal jurisdiction precedent.

The German bank is seeking $6.6m in respect of outstanding sums under the facility for the Androniki, a 320,000-dwt vessel that was never built.

Including interest, the total amount to be claimed by Commerzbank could rise to $8.5m.

Commerzbank brought enforcement proceedings in England against the borrowers after the latter had already started proceedings against the bank in Greece.

Following events of default by Liquimar, the bank warned the company of its intention to start proceedings in the UK.

But the shipowner went after the bank in Greek courts claiming damages under Greek law for reputational loss.

Commerzbank, which is represented by Stephenson Harwood, responded to the Greek proceedings with similar actions in the UK.

Liquimar argued the bank should not be allowed to take action in the UK due to the pending Greek case.

But a UK judge confirmed the English courts had jurisdiction and the bank could continue with its claim in England.

The bank is also seeking a declaration of non-liability in respect of claims for damages due to Liquimar having brought claims in Greece in breach of the jurisdiction agreement.

The latest ruling addresses the problem of claims being brought in the courts of different European states over the same issues.

Liquimar could turn to the Court of Appeal in order to overturn the latest ruling.

Attempts to reach an executive of the company were unsuccessful today while comment has been sought via e-mail.

Liquimar’s website lists five vessels built between 2007 and 2011 in its fleet.

The legal row between the bank and the Greek owner involves three loans over two vessels, plus the Androniki which was not completed.

Liquimar had signed loan agreements with Commerzbank for two more ships, the 166,100-dwt Ariadni (built 2009) and the 46,000-dwt High Nefeli (built 2003).

As TradeWinds has reported, Liquimar sold the Ariadni to compatriot Delta Tankers for $56.5m.

It is believed that this sale helped Liquimar repay the loan for Ariadni, which had been previously arrested in South Africa in December 2014.

Liquimar has also sold the High Nefeli to Ancora Investment as part of its efforts to meet its outstanding obligations.