Evangelos Marinakis-backed Capital Ship Management has overturned an arbitration ruling awarding damages to Arab Maritime Petroleum Transport Co (AMPTC) in an arrest row linked to a long-running spat over cancelled bareboat VLCC charters.

AMPTC acted as guarantor for two charters of Capital vessels entered into by its joint venture Al-Iraqia Shipping Services & Oil Trading (AISSOT).

These were part of a series of six bareboat deals torn up by the Greek shipowner in 2019, prompting London arbitration.