The 307,080-dwt VLCC Arenza XXVII (built 2000) was detained early on Tuesday by Singapore’s admiralty sheriff.
Soechi said the dispute with Sentek Marine & Trading had resulted in a “brief seizure” that was resolved on the same day.
Singapore’s supreme court ordered the immediate release of Arenza XXVII after a deal was struck, it added.
Soechi said: “The vessel has now continued its operations and there is no disruption to the company’s operations and business.”
The company was said to owe Singapore's Sentek SGD 1.67m ($1.3m).
It reportedly bought the ship (ex Effie Maersk) in 2010 from Danish owner Maersk Tankers.
