The owner of the 35,000-dwt Irene EM (built 1980) won a London High Court ruling in 2013, requiring hull underwriters to pay $18m for the loss of the vessel following a grounding off India.
This litigation was supported by the American Steamship Owners Mutual Protection and Indemnity Association, as the vessel, part of the fleet of Piraeus-based Chian Spirit Maritime Enterprises, had freight demurrage and defence (FD&D) cover for legal costs.
But
