Greek authorities deregistered Tristar on 6 March following a request filed two months ago by the Athens-based company, official documents show.

Piraeus Bank arrested the 28,200-dwt bulker Pegasus (built 1998) and 20,100-dwt, open-hatch general cargoship Posidon (built 1997) last October, after Tristar defaulted on mortgage payments. The bank had been seeking to recoup $24.6m in outstanding mortgages used to finance the 2007 acquisition of the pair.