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Greek owner loses ‘Alkyon’ security appeal

A Greek handysize bulker remains under arrest in the UK after the shipowner failed in an appeal for counter-security from mortgagee bank NatWest Markets, formerly the Royal Bank of Scotland. Shipowning company Stallion Eight Shipping is contesting the bank’s declaration of a default which relied on a single broker’s valuation of the ship earlier this year that was substantially below values quoted by other brokers at the same time

UK appeal court upholds NatWest Markets arrest of bulker in Falmouth and denies owner’s claim for cross-security from bank for loss of earnings

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