Seamec Limited — Important, 02-12-2024: Updates

The vessel "SEAMEC GALLANT," owned by SEAMEC International FZE, a wholly-owned subsidiary of SEAMEC Limited, has been wrongfully arrested by the Fujairah Federal Court due to a dispute initiated by Glander International Bunkering DMCC regarding alleged non-payment for bunker services. SEAMEC International has filed a protest with the Charterer and is considering legal action to secure its rights and seek compensation for financial losses. The ongoing holidays in the UAE are causing delays in resolution; however, the subsidiary is actively taking steps to ensure the vessel's release. This situation should be monitored closely as it may impact the company’s operations and financial standing.