A second large Chinese shipping company has angered shipowners by withholding charter payments worth millions of dollars.
Greece’s family-owned Vafias Group, Oslo-listed Golden Ocean and Bergen-based Spar Shipping told the Financial Times they were either taking legal action or withdrawing ships from charters after Hainan-based Grand China Logistics halted payments on vessels used to transport dry bulk commodities. Minerva Marine, an Athens-based ship management company, also confirmed it was having problems securing payments for one vessel. Many other shipowners worldwide have not received payments from Grand China, which is part of the HNA group.
In September China’s Cosco, the world’s biggest operator of dry bulk ships, resumed payments after withholding cash in an effort to force shipowners to renegotiate high-priced charter contracts. State-owned Cosco backed down after three of its ships were seized by bailiffs and prevented from leaving port.
