Otto Marine resorts to arbitration

Singapore-based offshore chartering group Otto Marine is starting arbitration against Vettal Mega Services,. It claims that the Nigeria-registered company has failed to pay charterhire for two tugs. The arbitration is expected to take place in London.

In a Singapore Exchange filing on 10 August, Otto Marine alleged that Vettal Mega Services failed to pay charterhire of around $6m for the tugs Swordfish 5 and Go Enif.

Vettal Mega Services is reported to have begun operating Swordfish 5 in May 2015 and Go Enif in September 2015.

Otto Marine said that it was working with its legal team to enforce its subsidiaries’ rights under charter contracts.