From lloyds
qte
Australia’s Fortescue stands to have hundreds of millions of dollars seized and frozen by US courts after it announced its intention to suspend long-term cargo deals with a series of bulker operators and owners.
The Angelicoussis group, Swiss-based Armada and George Economou’s Classic Maritime are going after Fortescue Mining Group (FMG), whose lawyers apparently forgot to tell it about Rule B attachments. The special US rules for freezing cash in maritime disputes have made defaulting on maritime contracts a dicey undertaking for foreign companies that are too big to hide their assets.
unqte
brgds
shipping news
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