Shipowner and creditor agree to free German VLCC

A German-owned VLCC has been released from arrest after creditor OW Bunker reached a settlement with the owner on outstanding dues.

20 June 2014 0:00 GMT Updated 20 June 2014 0:00 GMT

By Pinaki Routray New Delhi

The 309,200-dwt Leo Glory (built 2003), owned by Hamburg-based Gulf Marine Management (Deutschland), was released last week by a Gujarat High Court order, say legal sources.

Financial details of the settlement have not been disclosed.

The VLCC was arrested in April by OW Bunker, which sought to recover $2.28m for fuel supplied to the ship while it was on time charter to Panama-based Calypso Navigation SA.