Navrom Vessels Sold At Auction

Wednesday, February 23, 2000
PriceWaterhouseCoopers, liquidator of Romanian state-run shipping company Navrom Constanta, said it sold six Navrom-owned cargo vessels at an auction in the Black Sea port of Constanta. A PricewaterhouseCoopers statement said the six ships, with capacities ranging from 2,800 dwt to 4,800 dwt had been sold "as are, where are" for a total of $1.44 million. Last year, a court in Constanta launched bankruptcy procedures against Navrom due to unpaid debts worth tens of millions of dollars. PricewaterhouseCoopers was appointed liquidator of company assets. Some 320 ships sailed under Navrom flag before the 1989 collapse of communism. In 1999, the company operated less then 20 ships. In 1990, Romania's merchant fleet was split into three firms -- Navrom, Romline and Petromin -- which seven years later revealed combined losses of more than 300 billion lei. No fresh figure of their losses were immediately available.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Sonar 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: 0.0796 sec (13 req/sec)