Damage to a George Economou-controlled capesize bulker, which was involved in an alleged hit-and-run collision in broad daylight, appears to have been substantially overestimated.
The Chinese-owned, 46,500-dwt bulker U Glory (built 1998) has been released from arrest at the Indian port of Kandla after a survey of Cardiff Marine's 177,900-dwt Madeira (built 2007) and a court-approved settlement.
Representatives of Tianjin-based shipowner Kind Glory Shipping handed over $250,000 to a Cardiff Marine affiliate on 18 May, and the handymax departed port some three weeks after it had been arrested.
