Bulkers on the lam
Bank of America is pursuing two bulkers and her registered owner, Sunset Shipping, over missed loan re-payments to the tune of $7m
US banking giant, Bank of America, is pursuing the owners of the Turkish-controlled bulkers, Marine Princess and Marine Prince, over what it says are missed loan repayments amounting to $7m.
The bank filed suit against the vessel’s registered owners, Sunset Shipping on 18th March in the US federal court for the Eastern District of Louisiana and alleges the shipowner has missed nearly two dozen re-payments.
According to the complainant, it acquired a $27.7m loan that Credit Agricole had made to Sunset Shipping and Dawn Shipping in 2014. The loan was split into two parts, one for each vessel.
Bank of America says Sunset Shipping and Dawn Shipping began falling behind with payments in early 2018 and that both managements agencies share the same address. According to the court, company chairman Emir Sohtorik is named as the personal guarantor of the loans.
Databases show that neither ship has changed its owner, technical or commercial managers since delivery from Cosco Guangdong Shipyard in 2012.
An arrest warrant has been issued for the Marine Princess, but has not yet been served. AIS data indicates the ship is moored in the Mississippi River near New Orleans and that the Marine Prince is in the South Atlantic en route to Brazil.
