TMT is however fighting the detention of the vessel claiming it was wrongly arrested.
In a statement issued via a UK representative TMT says it has suffered huge losses as a result of the detention and is seeking compensation.
A spokesperson for TMT said in the statement: “The evidence we will present to court clearly demonstrates that procedures were not followed."
The shipowner, which has hired financial experts and is hunting for a CEO to replace Su, declines to offer further details relating to the matter.
It is unwilling to offer insight into the reasons for the arrest, the ship’s employment at the time and how much it has lost as a result of the drama.
Reports from China suggest the vessel was detained as part of an FFA dispute with BHP Billiton, with TMT said to owe over $100m when the F Elephant was detained in May 2012.
It is suggested TMT had abandoned the ship in March when the crew departed as the single-ship company which owns the vessel was unable to meet running costs.
Reports claimed the TMT affiliate had asked the court to sell the vessel. BHP is understood to have arranged provisions for the crew during the detention period.
As we report today two of TMT’s famous Whale-class combination carriers (OBO) could also come up for possible judicial sales as main mortgagee bank Mega International Bank Co of Taiwan takes action against them.
