Japanese shipping line Mitsui OSK has paid 2.9 billion yen (US$28.33 million) to a Shanghai maritime court for the release of its ore carrier which had been impounded over a dispute that dates back to the second world war, the Financial Times reported Thursday.
The Shanghai court ordered the Baosteel Emotion to be seized over the weekend after Mitsui OSK failed to reach a settlement with plaintiffs. The court ruled that Mitsui OSK, as heir to a pre-war Japanese shipping firm, owed Chung Wei Steamship Co. 2.9 billion yen in lease payments, according to the newspaper.
Chung Wei Steamship had leased two coal carriers to the Japanese shipping line, which halted payments after the ships were commandeered by the Japanese navy and were subsequently lost during the war, the report said.
– Contact HKEJ [email protected]