News:Asia

PDZ arrested feeder vessel owes $852,000 in bunker bills

Malaysian domestic line PDZ Holdings has revealed that it owes approximately $851,971.79 in bunker bills to fuel suppliers related to its feeder boxship PDZ Mewah, which has been impounded last month.

The PDZ announcement followed queries issued to the company by the Kuala Lumpur stock exchange.

Dan-Bunkering (Singapore) is owed $592,808.74, CCK Petroleum is owed MYR51,890.61 ($11,671.30), CCK Capital Ltd is owed $118,920.26, and CCK Petroleum (Labuan) Limited is owed $128,571.49.

PDZ pointed out that the financial impact of the arrest of the 698-teu PDZ Mewah is expected to be minimal as the group has made necessary arrangements to secure slots from third party vessels so as to continue serving its customers.

“The expected losses will be in the range of MYR90,000-100,000 ($20,242-22,492) per month, as a result of the additional costs arising from purchasing slots from third party vessels,” PDZ stated.

“Mohd Latip & Associates, being the solicitors of the company, have (…) stated that they are of the view that the company has a strong arguable case to challenge the arrest and setting aside of the claims,” PDZ added.

Posted 15 February 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

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