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 (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual.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 "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said.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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Court Dismisses Boating Industry’s Challenge to EPA Misfueling Rule

The National Marine Manufacturers Association (NMMA) said it is disappointed with the U.S. Court of Appeals decision released on Tuesday, October 21, 2014 for the D.

Lavrov: No need for NATO in the Arctic

During the open lecture on Russia’s foreign policy, Foreign Minister Sergei Lavrov stated that he could see no need for NATO presence in the Arctic. ‘From time to time,

ITIC Measures against Ebola

The International Transport Intermediaries Club (ITIC) has issued the following general advice related to the outbreak of Ebola. Vessels that have recently

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.1428 sec (7 req/sec)