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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Atlantic Gas Swings Keep LNG Traders Guessing

MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather

Finance

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1511 sec (7 req/sec)