Kyoei Tanker announced on August 18 that an oil tanker owned by its subsidiary Kyoei Tanker Singapore Pte. Ltd. (KTS) has remained docked since completing cargo unloading in Mexico on March 21 of this year, as it has not been granted permission to depart by local authorities.
In order to transfer the vessel as scheduled, KTS has initiated legal proceedings in addition to negotiations with Mexican authorities to obtain permission for the vessel to depart, but as of today, there is still no prospect of the vessel departing.
The transfer date for the vessel was extended by 30 days from the original deadline in accordance with the contract. However, the vessel could not be transferred by the extended end date of August 17, 2025, and therefore, in accordance with the contract, the transfer agreement (this agreement) terminated on that date.
KTS continues to work with local lawyers, engaging in consultations with authorities and pursuing legal proceedings in court to obtain permission for the vessel to depart immediately. Although this agreement has been terminated, the company remains committed to transferring ownership.
Furthermore, in a statement released on June 30, according to local and some overseas reports, Mexican authorities are investigating alleged illegal activities in the import procedures of the cargo. In response, KTS stated that it was not involved in any illegal activities whatsoever. KTS also stated that it has no knowledge of or connection to any of the individuals or entities mentioned in these reports. As the owner of the vessel, KTS transported the cargo from the United States to Mexico in order to fulfill its contractual obligations, and that it was not involved in any customs declarations, cargo storage, or other import-related operations within Mexico.
