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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs)

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.0750 sec (13 req/sec)