Shih Wei Navigation

27-August-2019

Singaporean bulk shipowner Dry Bulk Singapore is looking to arrest a Taiwanese-owned 2011 built 58K DWT MV Eternity SW in Virginia after its charter was terminated earlier this summer. Singapore based Dry Bulk Singapore filed a lawsuit in the United States Eastern District of Virginia Federal Court.

Dry Bulk Singapore has filed a lawsuit against Dong Lien Maritime SA Panama, which is a subsidiary of Shih Wei Navigation. Dry Bulk Singapore is accusing of abruptly canceling its time charter while MV Eternity SW was discharging cargo in Quebec, Canada in July, 2019. Neither Shih Wei Navigation nor Dong Lien Maritime SA were labeled as defendants, only the ship MV Eternity SW, whose registered owner is Eternity Pescadores SA Panama. MV Eternity SW had been chartered to Dutch risk management firm 24Vision Chartering Solutions in 2018. Later on, MV Eternity SW was sub-chartered to Dry Bulk Singapore in April 2018. 24Vision Chartering Solutions had a three (3) day grace period to pay the agreed hire.

On 11 July 2019, Dong Lien Maritime SA notified Dry Bulk Singapore that 24Vision Chartering Solutions had defaulted on the charter. Later on, Dong Lien Maritime SA canceled period charter and removed MV Eternity SW from Dry Bulk Singapore’s chartering service. Dry Bulk Singapore suffered monetary damages and lost profits. Panamanian-flagged Eternity SW is currently ballasting to Norfolk, Virginia. Eternity SW is insured by Britannia P&I.