KP Shipping goes bust with ship under arrest

South Korean owner KP Shipping has gone bust, with its sole ship left languishing under arrest in Singapore and likely to come up for auction unless its registered owner, a Korean investment house, settles its bills.

11 October 2013 0:00 GMT Updated 11 October 2013 0:00 GMT

By Jonathan Boonzaier Singapore jonathan.boonzaier@tradewindsnews.com

It has been over two weeks since KP’s 10,700-gt general cargoship KP Spirit (built 1997) was seized by bunker supplier DS Petro Co over a $285,000 claim for unpaid bills.

Several other suppliers have since also lodged caveats against the ship.

In a court filing, DS Petro said KP claimed it would be unable to pay the bill as the company was bankrupt.