Otto Marine said arbitration proceedings have commenced under the London Maritime Arbitrators Association Terms 2012 against Vettal Mega Services for failing to pay charter fees for tugboats Swordfish 5 and Go Enif.
At the same time, another arbitration proceeding is ongoing against Robert Kntuzen Shipholdings over payment defaults of two bareboat charters for a sum of around $2.83m.
Meanwhile, Singapore-listed Otto Marine is itself in the midst of getting acquired by its executive chairman Yaw Chee Siew to take the company private and is expected to be delisted from the stock exchange upon completion of the transaction.
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