Pegasus Tanker Fleet Is Back In The Game
A crucial Caribbean tanker fleet re-entered the market this week, having been held back for over a month because of a dispute between its owner, Pegasus Shipping, and junk-bond creditors in New York. U.S. brokers said the fleet's return would add surplus tonnage to a market that is already cooling, and would put further downward pressure on freight rates. Fuel oil freight stood at around $1.65 per barrel for 50,000 ton upcoast cargoes on Friday (April 27), compared to about $1.90 per barrel in mid-March, brokers said. Pegasus said the two time-charters and five spot fixtures so far completed were all done at market rate. Chairman Nicos Peraticos has resumed negotiations with bondholders and hopes to complete a buy-back of the $150 million Pegasus debt in June, a spokesman in London said.
Company Settles California Spill Case For $9 M
Privately-owned company Pearl Shipping has agreed to pay $9.4 million in compensation for an engine fuel spill from one of its tankers off California last year, according to company officials. Compensation would be made to the State of California and the United States for any environmental damage and expenses arising from the 3,000 gallon spill from the tanker Command on Sept. 26,1998, it said. Pending charges against the Pearl Shipping, which owns the 60,070 dwt Command, had been dropped, the company added. The Captain of the vessel had pleaded guilty to negligence regarding the spill. Nicos Peraticos, Greek shipowning chairman of Pearl Shipping parent company Pegasus Shipping, said the companies had not been able to find forensic evidence linking the bunker fuel to the Command.
