Lawyers acting for Union Commercial had the 5,000-vehicle Pure Ace (built 2014) seized in Durban today.
Sources tell TradeWinds Union Commercial is seeking security of around $800,000 as it fights a chartering dispute with MOL’s Singaporean division MOL Bulk Carriers.
Union Commercial is looking to recoup an outstanding fee on a time charter of its 48,500-dwt Loyal Union (built 2007).
Given that MOL Bulk Carriers does not own any vessels, the decision was taken to act against its parent.
