The Business Times
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Published Wed, Aug 3, 2016 · 09:50 PM

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Otto Marine

DIVERSIFIED offshore marine player Otto Marine said after Wednesday trading hours that it has started arbitration proceedings through its lawyers, Rajah & Tann Singapore LLP, against Robert Knutzen Shipholdings Ltd (RKSL) for alleged default on charter parties. RKSL allegedly took delivery of and operated two vessels under Otto Marine's fleet under bareboat charter parties dated Jan 15, 2009.

Otto Marine said RKSL has been in default of the charter parties for an aggregate principal outstanding sum of over US$2.83 million plus applicable interest for overdue payment.

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