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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 some time 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.
