Settlement and Quick Despatch
A ship was arrested in a Red Sea port in connection with an allegation that it had caused an explosion in an adjacent grain silo. The claimant required a bank guarantee for a very considerable amount in order to release the ship, but the ship operator and his insurer were unable to find a bank willing to provide this. There were also concerns about whether a bank guarantee would be safe; in other words, whether the terms under which it was issued would be respected in the local jurisdiction.
We were able to negotiate a cash settlement with the claimant in four days for an amount that the ship operator and his insurer could accept. The ship was released promptly and a lengthy off-hire dispute with time charterers was avoided.