Disputed Tanker Fleet Bought

Wednesday, June 13, 2001
Norwegian tanker mogul Tom Steckmest bought out bondholders with whom he was due to clash in the New York courts over control of a fleet of six petroleum product tankers. "The existing bonds have been amicably cancelled and all disputes settled," Steckmest said. Shipping sources said he had paid $135 million to cancel the bonds in addition to $8 million he paid last year for equity in the ship-owning company First International. The bondholders lent most of the $257 million to build the fleet of tankers, which have worked all their lives on long-term charters to oil major Shell. Both parties asked the courts in April to decide which of them controlled the future employment of the six vessels, after the bondholders refused to accept a new contract Steckmest had negotiated with Shell. The move sinks plans by New York-listed Stelmar to buy the fleet. The deal with Stelmar, which is owned by Easyjet chief Stelios Haji-Ioannou, was originally lined up last summer, and as recently as April the company reiterated its interest in the ships. Steckmest said he planned to integrate the six tankers into his Viken Shipping Group. The acquisition of the bondholders' stake in the ships will be financed by Nedship Bank and NIB Capital Bank. - (Reuters)
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Asian Nations Call for Stop to South China Sea Land Work

Calls grow for China to halt land reclamation. Southeast Asian countries on Tuesday backed a U.S. call to halt land reclamation in the South China Sea, underlining

FMC Collects $1,227,500 in Penalties from NVOCC's

Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $1,227,500 in civil penalties.

NYK Hosts Safety Conference

Over three dates in July, NYK hosted a safety promotion conference for shipowners and ship-management companies at the NYK head office in Tokyo and at Imabari city in Ehime prefecture.

Ports

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.1250 sec (8 req/sec)