Iran seizes second oil tanker in a week, according to US Navy: Iran has seized a second foreign oil tanker in the Gulf within a week. Oil tanker Niovi was sailing under the Panamanian flag when it was seized by Iran’s Islamic Revolutionary Guard Corps Navy while passing through the Strait of Hormuz. The tanker was transiting from Dubai to Fujairah when it was seized. The oil ship was seized based on a court order following a plaintiff’s complaint, Tehran’s prosecutor said in its initial statement, according to the Iranian judiciary’s Mizan news agency. No further details were provided. (Fox News | Reuters)

REFRESHER- The US and Iran have been engaging in a tit-for-tat seizure of oil tankers, with the US confiscating an Iranian tanker last week and Iran responding by capturing a US-bound vessel carrying Kuwaiti crude shortly after.

Bed Bath & Beyond seeking damages from Hong Kong shipping company:BedBath & Beyond is seeking over USD 31.7 mn from Hong Kong-based Orient Overseas Container Line, filing a complaint with US Federal Maritime Commission claiming that the shipping line abandoned its commitments during last year’s supply chain turbulence in the US, the Wall Street Journal reports. The filing claims that the container line’s “brazen price gouging and profiteering” cost the company some USD 31.7 mn in extra freight charges, along with additional charges and foregone income. The filing with the US maritime regulator comes days after the company filed for chapter 11 bankruptcy and began winding down operations.

But that’s not all: Last month, Taiwan-based Yang Ming Marine Transport filed a suit to block Bed Bath & Beyond from pursuing a claim of USD 7.8 mn over breach of contract, the Wall Street Journal notes. Bed Bath & Beyond is looking to recoup as much funds as it can to pay off its creditors after filing for bankruptcy.

Tags: