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NatWest Need Not Release Seized Ship In $16M Loan Battle

Law360, London (December 11, 2018, 7:34 PM GMT) -- England's appellate court on Tuesday refused a ship owner's bid to have its seized carrier vessel released amid a dispute over the outstanding balance of a $15.7 million loan from NatWest Markets PLC, saying to do so would upend settled admiralty law practices.

A three-judge Court of Appeal panel sided with High Court Judge Nigel Teare in his dismissal of a bid by Stallion Eight Co. to secure the release of its bulk carrier ship the MV Alkyon, which was seized at Port of Tyne in northeast England in June.

In its appeal, Stallion Eight Co. said NatWest — an investment...

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