LONDON (Bloomberg) - A US court ordered the seizure of Ocean Jade, a commodity vessel owned by STX Pan Ocean Co., South Korea's largest bulk-shipping line, in relation to a lawsuit brought by Bermuda-based shipping line Golden Ocean Group Ltd. over the unpaid settlement of a derivatives contract.

A warrant for the ship, docked at Corpus Christi, Texas, was issued by the US District Court, Southern District of Texas (Corpus Christi), on January 16, according to court documents. STX is being sued for $12.8 million by Golden Ocean.

Herman Billung, Oslo-based chief executive officer of Golden Ocean's management unit, said he hoped the suit would be settled soon and declined to comment further. STX is seeking to resolve the case, Seoul-based spokesman Sung-hee Lee said in an e-mail yesterday. He didn't say whether the ship had been seized. STX bet rates to hire capesize ships would average more than $135,000 a day last year, a copy of the agreement filed in the case shows. They averaged about $106,000.