The ship is called the ARA Libertad, and it's a training ship owned by the Argentine navy.And now it's been seized. By a hedge fund. While it was docked in Ghana.
Why? Because Argentina is in a long legal battle with the hedge fund Elliott Capital Management, which has been trying for years and years to get Argentina to pay a 2001 bond it owes in full. Because it's recently won a court judgment saying that Argentina owes it money, it was able to get an injunction from the government of Ghana saying it's entitled to pay the ship.
The FT's Sam Jones and Jude Webber report:
The whole thing is quite dramatic.
There were apparently 200 navy members on board the ship, according to Argentine news outlet Clarin.com.
According to reports, Argentina will be able to get this ship back if it pays an unspecified amount in bond (basically bailing it out).
Here's the full statement from the Argentine government, via Rolf`s Griechenland Blog:
This really seems like the ultimate 21st century finance story.