The Argentine Navy training ship Libertad and her crew of over 200, docked in port of Tema, Ghana, were seized by a court order obtained by NML Capital Ltd., a subsidiary of Elliot Capital Management, a hedge fund run by the US billionaire Paul Singer. Argentina’s Foreign Ministry accused the Ghanaian court of violating rules of diplomatic immunity.
The conflict is over a more than a decade long legal battle between Argentina and hold-out creditors. In 2001 and 2002 Argentina defaulted on more than $100bn of debt, the biggest default in history. About 94% of these loans were restructured in 2005 and 2010, returning creditors roughly 30 cents on their dollar. Elliot Capital was among the 6% who did not participate in the restructuring and continued with legal action against Argentina.




On March 29, 2010, the Panamanian-flagged ro/ro
The schooner Bluenose II has been launched in Lunenburg, Nova Scotia. The local news outlets referred to the event as the “relaunching” of the schooner though as the hull was completely replaced and only some portion of the Douglas fir deck was re-used, it is effectively a newly built vessel. The Bluenose II is a replica of the original Bluenose, a Grand Banks fishing schooner famous for its graceful lines and speed under sail. See our previous post,
An interesting article on the day after Nelson’s birthday – after using synthetic mastic, a modern caulking material commonly used in yachts, for the last fifteen year without success, the folks restoring Nelson’s
The replica of the 
The press release says that the
Imagine an antique Victorian desk purchased for £30, that has a stuck drawer. A determined auctioneer, working on the drawer with a screw driver for around 20 minutes, managed to un-stick it only to find that the object blocking the drawer was a small bone cribbage board with a label on the back that read: ‘The cribbage board used by Victory Nelson & Admiral Quilliam.‘ The cribbage board had been hidden in the drawer for more than 70 years. The cribbage board will be auctioned and is expected to attract bids of several thousand pounds. Thanks to 
After ten sea trials and over 25 years of construction and refitting, China has put its first aircraft carrier into service. Long rumored to be named Shi Lang, the carrier has instead been named