Piraeus Bank, one of the largest banks in Greece, commenced two mortgagee actions in Singapore and effected a double arrest on the vessels “Posidon” and “Pegasus”, flowing from the ship-owners’ default of a loan agreement. The vessels were subsequently sold pursuant to a judicial sale.

Subsequently, World Fuel Services, who had (via various companies) supplied bunkers to the vessels on credit, intervened in both actions.

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