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 (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual.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 "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said.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 October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


NYK Joanna Rescues Fishermen off Philippines Coast

On October 3, NYK Joanna, a containership operated by NYK, rescued seven fishermen in distress off the coast of the Philippines. While the NYK vessel was sailing on October 3 from Vungtau,

Noreco CEO Quits

Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA. Since joining Noreco in September 2014, Tommy Sundt

BSM Completes Global Management Program

Bibby Ship Management has successfully completed its second Global Management Programme which, it says, has helped to develop the management skills of all its


The Future of Well Intervention

Herrenknecht and Ulstein are due to present their vision of the future of heavy well intervention at the Offshore Energy 2015 exhibition in Amsterdam this week.

USCG, RCAF to Conduct Joint Training

The crew of Coast Guard Air Station Traverse City is hosting an international joint search-and-rescue exercise with members of the Royal Canadian Air Force beginning

Ocean Installer in BP frame deal

Ocean Installer has been awarded a Regional Framework Agreement with BP for subsea work in the Gulf of Mexico region.   The agreement covers subsea fabrication,

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar 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: 0.2368 sec (4 req/sec)