Dry bulk giant Bocimar is aiming to get $54m plus interest and costs out of China’s largest private steelmaker over a collapsed 10-year capesize charter.
The Belgian owner was caught off guard earlier this year by the voluntary liquidation in Hong Kong of its defaulted charterer, Jiangsu province-based Shagang Shipping Co, while in the middle of preparing legal action.
Now it is rejigging its planned London arbitration proceeding and going directly against Jiangsu Shagang Group, which was guarantor under the original charterparty.
