French banking conglomerate Natixis has been holding a Cido Shipping VLCC under arrest in Singapore over a $65m cargo claim, TradeWinds has learned.
The 318,000-dwt Miracle Hope (built 2019) was seized shortly after it arrived in Singapore from Kaohsiung on 12 March.
The ship is one of a pair of identical sisterships that Cido fixed last May on long-term charter to commodities giant Trafigura.
Trafigura reportedly agreed to pay $36,500 per day for three firm years, with options to extend for up to two years at undisclosed rates.
Preliminary information obtained from the High Court of Singapore did not specify the nature of Natixis’ cargo claim, nor the counterparty with which it was in dispute.
Trafigura declined to comment, and Cido could not be immediately reached.
Sources familiar with the situation suggested that the bank’s payment dispute lay with the buyers to which the sub-charterer of the vessel sold a cargo of crude oil.
The Miracle Hope is currently anchored in Singapore’s Changi General Purposes Anchorage.
The vessel is the second VLCC to be arrested in the port recently.
Capital Ship Management’s 320,800-dwt Andronikos (built 2019) endured a short spell under arrest due to a charter dispute between the Evangelos Marinakis-backed owner and charterer Al-Iraqia Shipping Service & Oil Trading (AISSOT).
The VLCC and five other vessels were redelivered after AISSOT gave notice of termination of their bareboat charters late last month.
The Andronikos was released after the shipowners’ protection and indemnity club posted security.
