Enterprise Ships Arrested

Tuesday, August 28, 2001
As shipping companies continue to suffer with the sagging world economy, bondholders who financed the Greek-controlled shipping company Enterprises Shipholding have detained a second of the company's containerships to force repayment of a $175 million junk bond on which it defaulted in June, according to a Reuters report. The company has a fleet of 17 refrigerated ships, 15 of which are laid up and not trading. It also has five container vessels, two of which are laid up and two of which are under arrest. The Canmar Supreme has been held in the port of Fos, France since August 24 and is unable to trade until released. "The bondholders have had it arrested since," said a spokesman for the bondholders. "They (the bondholders) are resolute in their determination...to obtain full satisfaction of the amounts due," said a statement. Enterprises is reportedly seeking damages from bondholders over the first detention of an Enterprises ship, the Ocelotmax in the Korean port of Pusan on August 4. The 25,900 gt ship has not traded since. Enterprises Shipholding defaulted on the bond's $7.76 million semi-annual interest coupon in July. The company's second quarter results, announced last week, showed a loss of $38.3 million. The bondholders are largely U.S.-based investment funds, while Enterprises Shipholding is controlled by Greek shipping entrepreneur Victor Restis and is incorporated in Liberia. The bondholders behind the arrest said they owned more than 60 percent of the bond notes. - (Reuters)
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

Finance

Hoegh LNG's Bond Issue

Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020.

NordLB Back to Profit

Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

 
 
Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.1175 sec (9 req/sec)