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 (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual.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 "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said.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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Migrant Sailboat Sinks in Aegean, 17 Missing

A sailboat carrying migrants sank in in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said. Greece's

APL’s Schedule Reliability Scales Up

APL was the most reliable carrier with a global on-time performance of 85.5% in May 2015, according to the latest Global Liner Performance Report by SeaIntel Maritime Analysis.

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

Offshore

Shell's Icebreaker Vessel Damaged in Alaska

Royal Dutch Shell Plc's  icebreaker vessel Fennica returned to the Dutch Harbor in Alaska with a small breech in the hull, raising concerns about the company's

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1655 sec (6 req/sec)