A subsidiary of China’s ICBC Leasing has won twin court victories in Tianjin and Hong Kong in a case centred on a supramax that was repossessed after its time charter arrangements fell apart and its newbuilding deal was renegotiated.
The Hong Kong High Court has ruled against Zhoushan and Shanghai shipowner Ma Buzheng and two companies he controls.
Ma, his Shanghai Yinpu Shipping and the special purpose vehicle that formerly controlled the 53,200-dwt Everwin (built 2012) have been ordered to pay $17m of the remaining principal and penalty interest on the bulker.
