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Tanker 'under arrest' in debt settlement.

Europe Intelligence Wire

| September 30, 2011 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From Western Morning News)

A ship has been put "under arrest" in the River Fal and may be sold to recover commercial debts.

The Admiral Marshall, a national shipping authority based in London, placed an arrest order on the vessel, preventing anybody from moving or trading from it.

The 14-year-old, 138-metre chemical tanker Frachtis, which has been moored near Smuggler's Cottage since it was laid up there in mid-August, has a capacity of 10,298 tonnes and is one of 15 ships owned by Cyprusregistered Russian firm Ocean Tankers Holdings Public Company Ltd.

The company's ships are awaiting compulsory auction to pay off debts, but are expected to …

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