Norway-based Hunter Group reported a further reduction in charter payments from one of its long-term counterparties, which has failed to pay approximately $10.372 million of the amount due for May.
This latest shortfall increases the total disputed amount to approximately $28.210 million in addition to accrued interest.
The dispute follows previous payment reductions by the contracting party in March and April, which were first disclosed in announcements on April 15 and May 18. Although the counterparty continues to contest its contractual obligations, the shipping group and its legal advisors maintain that these claims lack merit.
For the month of May, the firm recorded net time charter earnings of approximately $24.773 million. Out of this total, the disputed sum of $10.372 million remains outstanding pending a resolution of the matter.
Characterising the situation as a continued breach of contract, Hunter Group confirmed it will take all necessary steps to protect its contractual rights.
Future updates on the dispute will be provided to the market as appropriate, the firm added.