Mitsui sues struggling Projector

Japan’s Mitsui & Company and its affiliate Mitsui Oil (Asia) Hong Kong have filed a lawsuit in Singapore against struggling oil trading outfit Projector, in a bid to recover around US$59 million in damages and costs related to the recent arrest of a clean product tanker, according to documents filed with Singapore’s Supreme Court. The tanker Morning Express was arrested in Singapore in the early hours of May 30 at the request of European banking giant ING. The bank complained that three of the original bills of lading were not provided when Projector delivered a cargo of naphtha it had financed from the tanker to several end-users in South Korea. By mid-May, the vessel began discharging its cargo to four South Korean buyers. According to Mitsui, Projector gave discharge instructions without the proper bill of lading, which was required before the process could take place. Projector also gave assurances that should any incident take place during the discharge process, the company would indemnify Mitsui for all liability, loss or damage or expenses, according to the court documents. The voyage charter agreement between Mitsui and Projector ended immediately following the full discharge of the cargo, after which the vessel was contracted to South Korean trader Daelim Corporation. (July 30, 2008)