Nepline Ships Seized

Bank Pembangunan Malaysia (“Bank Pembangunan”) has appointed a receiver over three oil tankers of Nepline Group after the Malaysian shipowner failed to make payment on three debt facilities amounting to RM 44.8 million (USD 12.4 million). The receiver has seized control of a 1986-built, 2,751 dwt product tanker MT Damanara, the 1995-built, 6,902 dwt MT Nepline Mas and a 7,000 dwt product tanker newbuilding constructed at Zhejiang Shenzhou Shipbuilding which represent over half of Nepline’s fleet.

Following a demand letter on the outstanding payments last September, the bank was unable to agree on the loan structuring proposal put forward by the shipowner which subsequently led to the termination of the credit facilities on 30 December 2008.

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