Vyborg Shipping was set up just a few months before the 2008 financial crisis with a plan to purchase and operate 10 secondhand ships before a second stage kicked in where it would order 10 newbuildings, the court heard in evidence given by Arkhangelsky in Paris.
The shipping company only got as far as time chartering three 6,800-dwt general cargoships, the OMG Gatchina (built 1995) and OMG Kolpino and OMG Tosno (both built 2000), with a series of rolling loans from BSP before the vessels were arrested in early 2009 over unpaid bunker invoices and crew wages.
Acting
