Ship Charter Co. Dragged Into $77M Maritime Insurance Claim

Law360, London (November 3, 2020, 4:49 PM GMT) -- The company that chartered an oil tanker seized by Venezuelan authorities has been dragged into litigation brought by the ship's owner, which claims that dozens of insurers must pay out $77 million after Venezuelan authorities seized the ship.

Psara Energy Ltd. has added Space Shipping Ltd and its parent company, Geden Holdings Ltd., as defendants in the ship owner's High Court battle. Psara owned the CV Stealth, a vessel that it chartered to Space Shipping in 2010. 

But the charter company said in a so-called Part 20 claim filed on Oct. 26 that it will hand over any money it wins if it is...

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