1. THIS is an application by the owner of the vessel M.V. OSM Arena. They are an incorporated company in Seoul, Korea, by the name of Shinhan Capital Company Limited. They seek dismissal of Admiralty Suit A.S. No.3 of 2010 and vacation of the order of arrest dated 23rd February, 2010 and the order dated 20th May, 2010 for appraisement of the vessel for the purpose of its sale.

2. THIS application was filed on 29th July, 2010. The vessel was arrested by an order of this Court on 23rd February, 2010 in an application for arrest being G.A. No. 510 of 2010 taken out by the plaintiff for such purpose. That order was extended from time to time and confirmed on 22nd June, 2010 without any participation from the owners. Sunwoo Merchant Marine, an enterprise of Seoul, Korea is stated to be the financial lessee of the vessel.

3. ON 3rd August, 2009 it granted a time charter of the vessel in favour of another shipping company also of Seoul Korea, being Seoil Shipping. The duration of this charter was described as "from the time of delivery for one TCT via safe port(s), safe berths, safe anchorage(s)" and so on. Now, this time charterer Seoil granted a voyage charter of the vessel to t