Singaporean authorities have released Essar’s 175,000-dwt bulker Kiran (built 1994) which was arrested on 2 October.

Dr Peters had the ship arrested in what appeared to be a longstanding row over unpaid hire for a VLCC.

The German owner was seeking to recoup around $3m in unpaid hire owed on the 301,000-dwt Ashna (built 1999).

The vessel in question was chartered to Essar as part of a sale-and-leaseback deal arranged in 2004, court documents showed.

This