How can a shipowner get a vessel back?
A vessel may be released if the arresting party decides not to pursue the claim, for example, because doing so would not be financially worthwhile, and no other claimants come forward to take over the arrest, said Mr Derek Tan of Stoa Law Corporation.
Mr Lim said the shipowner could also secure the vessel’s release by providing “appropriate security” for the arresting party’s maritime claim.
The security could take the form of a bank guarantee, cash or a letter of undertaking, said Mr Tan.
Another possibility, although less likely, is for the shipowner to successfully challenge the arrest on the grounds that it was wrongful or lacked a legal basis, said Mr Lim.
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