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

Navigation

Egypt to Allow 24-hour Access to East Port Said with New Waterway

Egypt plans to allow smaller vessels in the Mediterranean direct access to East Port Said around the clock instead of just eight hours a day by building a side channel near the Suez Canal,

Diesel Spill in Houston Ship Channel

A small section of the Upper Houston Ship Channel was closed Tuesday morning after a report of 1,000 gallons of diesel entered Greens Bayou from a cement facility, the U.

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics 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: 0.0930 sec (11 req/sec)