Singapore: A bulk carrier owned by Seroja Zhushui 5 Shipping (SZ5SL), a joint-venture company of Singapore-listed Seroja Investments, was served with an arrest warrant by Conirma Marine (CM) on Tuesday.

The panamax Zhushui 5 (79,500 DWT, built 2005) was due to be sold by Seroja Zhushui to Conirma Marine on July 25, when the two companies entered into a memorandum of agreement (MOA).

Conirma Marine did not take delivery as obliged under the terms of the MOA and further alleged that the vessel had deficiencies deemed unfit for delivery, Seroja Investments said today in a Singapore Exchange filing.

SZ5SL requested for a surveyor from Lloyd’s Register to inspect the vessel and was subsequently issued a clean report by the surveyor, which is contrary to the allegations by Conirma Marine that the vessel is unfit for delivery, the filing says.

SZ5SL is currently seeking legal advice and intends to take steps to void the arrest warrant and defend any further claims that Conirma Marine may file. [23/10/14]