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Otto Marine starts arbitration over unpaid charters

Otto Marine starts arbitration over unpaid charters
Singapore’s Otto Marine has commenced arbitration against Robert Knutzen Shipholdings Ltd (RKSL) over payment defaults of two bareboat charters.

RKSL had taken delivery of and operated the two vessels, under a bareboat charter agreement entered into on 15 january 2009, but it defaulted on payments due.

In July, Otto Marine had sought a claim against RKSL and its guarantor Robert Kntuzen for an aggregate principal outstanding sum of $2,834,471.56 plus applicable interest for overdue payment.

“The company is working closely with its lawyers to take all necessary actions, including but not limited to progressing the said arbitrations and enforcing any arbitral awards against Robert Knutzen as personal guarantor so as to safeguard as well as protect the interests and assets of the group,” Otto Marine said.

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