A tanker containing 80 000 t of crude oil has been seized by authorities in Singapore because of its owner’s failure to pay off debts of US$ 2.84 million to Germany’s DVB Bank.
According to an unnamed source interviewed by Reuters, “The tanker was seized because of an outstanding debt of US$ 2.84 million that was initially due in late May … The company has eight days to decide whether to contest the claim or allow the bank to foreclose on the property.”
The tanker’s owner, FAL Oil has recently fallen on hard times financially. After becoming one of the biggest oil companies in the middle East, its business floundered after funding became scarce.
The company has also come under intense scrutiny by Washington and has become the subject of US sanctions due to an alleged role in supplying Iran with gasoline.
The oil onboard the 105 000 t tanker was discharged to its owner, ChinaOil a subsidiary of PetroChina.
Edited from various sources by David Bizley