Piraeus Bank has arrested the 52,500-dwt bulker Patriot (built 2004) in Singapore and is seeking $7.08m of the $9.67m it claims to be owed on a joint loan extended to two single-ship entities.
The loan dates back to December 2009 when Marfin Egnatia Bank, which was subsequently absorbed into Piraeus Bank, entered into a financial arrangement with Diana Shipholding Co and Montana Shipping Co for a joint loan of $27m and 53% of the aggregate market values of the ships that each entity owned.
