Shippers Say Bank Suing For Loan Botched Insurance Payout

Law360, London (April 1, 2019, 8:56 PM BST) -- The owners of a damaged oil tanker sued by Aegean Baltic Bank for not paying over $8.1 million in loans and interest have told a London court that the Greek lender's takeover of insurance negotiations sabotaged the potential recovery for the unsalvageable vessel.

In their Thursday defense filing with the High Court, Renzlor Shipping Ltd. and Oceanwide Shipping Ltd. don’t dispute that significant sums remain outstanding on the loan, but say their claim for constructive total loss would have brought in more than enough money to pay off the current amount due, $8,138,804.

The defendants state in their March 28 filing that...

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