GP Global-chartered tanker threatened with arrest for misdelivering cargo

A product tanker managed by Sea Pioneer Shipping of Greece is under threat of arrest unless troubled commodity trader GP Global and oil player NOC Swissco can come up with almost $12m in security.

Natixis, the bank that financed the cargo onboard and holds the bill of lading, claimed the cargo was misdelivered to parties not entitled to it.

That has led the company to threaten to arrest the 50,400-dwt tanker Tenacity (built 2014).