M.T. Eagle Valencia to remain in St. Eustatius

In its judgment in summary proceedings of 2 March 2010 the Appellate Court denied the claim of Great Elephant Corporation against Eleni Efta Special Maritime Enterprises to lift the attachment on bunkers on board of the m.t. EAGLE VALENCIA presently in St. Eustatius.

The Appellate Court also denied a further request of Great Elephant for an order against Eleni Efta to pump the bunkers out of the vessel and store them for Eleni Efta's risk and account onshore to permit the tanker's departure from St. Eustatius. The judgment of the Appellate Court was in line with the judgment of the Court of First Instance of St. Eustatius rendered on 26 October 2009 in which proceedings Great Elephant was unable to convince the Court that title to the bunkers on board of the EAGLE VALENCIA belonged to TMT of Tawain (and not Great Elephant). No legal ground has been brought forward by Great Elephant and furthermore practical difficulties would prevent such discharge (if not impossible due to the second attachment of Blue Light Chartering). The attachment on the bunkers was effected on 21 October 2009 for a claim of approximately USD 9 million in connection with a charter dispute relating to the m.v. SPYROS for which London arbitration is pending.

In the proceedings in St. Eustatius Eleni Efta was assisted by Freeke Kunst.