Singapore court orders release of detained Iranian ships
|January 12, 2011||Posted by Ocean Shipping Communication China under Shipping News||
A Singapore court has ordered the release of three Iranian ships detained in Singapore waters since September last year over mortgage payment defaults, local daily The Straits Times reported Thursday.
Nevertheless, Quentin Loh, a judge of the High Court, ruled that the owners of the container ships should reimburse the sheriff here for what it has cost to maintain the vessels, the report said.
The German-registered vessels, named Tuchal, Sabalan and Sahand, belong to the Islamic Republic of Iran Shipping Lines (IRISL). They were carrying some 4.2 million U.S. dollars worth of bunker oil.
The funds to settle the mortgage security for the vessels were wired last month from Teheran, where IRISL is based to an agent bank in Paris for the debt settlement. The French Treasury officials have given the go-ahead for the funds to go to two creditor banks Societe Generale and Credit Agricole.
Credit Agricole Corporate and Investment Bank had led the court action in Singapore to detain the ships and recover the alleged debts.
The wired funds would first have to be checked to ensure that they were meant to settle debts, as Iran is the subject of sanctions imposed by the European Union and the United Nations.