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Date (all 2016) Event
15 April - Loaded 10,000 mt at Lubuk Ganang, Indonesia
19 April - Freight paid, Original Bills of Lading (OBLs) released by Owners to FGV
19-22 April - Letters of indemnity issued: Ruchi Aavanti FGV Owners
24 April - Vessel arrives at discharge port New Mangalore and OBLs arrive at Aavanti’s bank Oversea-Chinese Banking Corporation; Aavanti requests financing soon after
27-29 April - Discharge, completed in the morning of 29 April
29 April - Evening The bank grants the loan and releases the purchase price to FGV
Later, - Aavanti seeks extensions of time to service the financing, and eventually takes steps towards a Scheme of Arrangement – the financing is not repaid
In these circumstances, the bank decided to enforce its security as holder of the OBLs and in June 2016 arrested the Vessel and a sister ship in Singapore. The vessels were released after Owners furnished security of US$7.8m.
