Safmarine, Golden Ocean Avoid Court Fight

Friday, September 03, 1999
South African Marine Corp Ltd. (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual. The court application was lodged by Liberian-registered charter firm Golden Ocean to the Cape High Court in June, arguing that Safmarine had stripped itself of income-earning assets in a wider group restructuring. Golden Ocean claimed the restructuring move by Safmarine - a ship owner and operator - would make it impossible for the group to meet its current charter obligations. "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said. "Safmarine still has the Golden Ocean charter parties and we'll continue to honor them." He said Safmarine had restructured its balance sheet in the last few months, making it possible for Capital Finance SA of Greece to carry over a $41 million recapitalization package when it acquires Safmarine. But the terms of the acquisition are still being finalized with Safamarine's parent company, South African Marine and Rennies Holdings Ltd. (Safren), Rabie said. Capital Finance SA is controlled by Stamatios Restis, a leading figure in a prominent Greek shipping family. "Safmarine was in our view financially sound at the time of the initial court application and remains a strongly capitalized company," Safren Chairman Buddy Hawton said. Since last year Safren has been busy unbundling after its majority shareholder - life assurer Old Mutual - decided to divest of non-core assets and demutualize to list on the Johannesburg and London bourses. In February, Denmark's AP Moeller bought Safren's Safmarine Container Lines for $240 million - the largest operator of European-African Trade routes with a fleet of more than 50 owned and chartered ships.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.1217 sec (8 req/sec)