Safmarine, Golden Ocean Avoid Court Fight

Friday, September 03, 1999
South African Marine Corp Ltd. (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual. The court application was lodged by Liberian-registered charter firm Golden Ocean to the Cape High Court in June, arguing that Safmarine had stripped itself of income-earning assets in a wider group restructuring. Golden Ocean claimed the restructuring move by Safmarine - a ship owner and operator - would make it impossible for the group to meet its current charter obligations. "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said. "Safmarine still has the Golden Ocean charter parties and we'll continue to honor them." He said Safmarine had restructured its balance sheet in the last few months, making it possible for Capital Finance SA of Greece to carry over a $41 million recapitalization package when it acquires Safmarine. But the terms of the acquisition are still being finalized with Safamarine's parent company, South African Marine and Rennies Holdings Ltd. (Safren), Rabie said. Capital Finance SA is controlled by Stamatios Restis, a leading figure in a prominent Greek shipping family. "Safmarine was in our view financially sound at the time of the initial court application and remains a strongly capitalized company," Safren Chairman Buddy Hawton said. Since last year Safren has been busy unbundling after its majority shareholder - life assurer Old Mutual - decided to divest of non-core assets and demutualize to list on the Johannesburg and London bourses. In February, Denmark's AP Moeller bought Safren's Safmarine Container Lines for $240 million - the largest operator of European-African Trade routes with a fleet of more than 50 owned and chartered ships.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1283 sec (8 req/sec)