The arrest of a capesize bulker on long-term charter to Navios Maritime Holdings has again highlighted the legal perils of discharging cargoes against letters of indemnity instead of bills of lading.
It has also shined a spotlight on the risk for charterers of getting embroiled in the legal woes of other vessels belonging to a ship's owner.
The 181,000-dwt bulker Navios Koyo (built 2011), which is owned by Japanese tonnage provider Shoei Kisen Kaisha and is on long-term charter to Greek shipping giant Navios, has been languishing under arrest off Singapore since 17 September.
