FreeSeas Appoints Kalogeropoulos to Board
FreeSeas Inc. (Nasdaq:FREE) a transporter of drybulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that George Kalogeropoulos has joined its Board of Directors as a Board member, replacing Kostas Koutsoubelis, who resigned for personal reasons. Kalogeropoulos brings to FreeSeas over 30 years of marine transportation experience, holding managerial positions in brokering, chartering, ship management, and operations for large shipping companies in London and Greece. of the Restis Group of Companies. Mr. Kalogeropoulos currently serves on the boards of several companies in the transportation industry, including Swissmarine Corporation Ltd., South African Marine Corp., Safore pty, and Safbulk pty Ltd.
Safmarine, Golden Ocean Avoid Court Fight
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 (Safmarine) said that a court bid by another firm seeking its liquidation had been withdrawn and that the company would continue with business as usual.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 "Golden Ocean has withdrawn the application because they believe that the balance sheet of Safmarine is now strong enough," Jan Rabie, Safmarine executive director said.
Leif Hoegh To Purchase Unicool Shareholding
Leif Hoegh & Co., who owns 49.8 percent of Unicool, has signed an agreement to purchase the 50 percent shareholding in the company owned by South African Marine Corp., effective early January 2000. Unicool, through its two subsidiaries Cool Carriers and Arctic Reefers, is a worldwide operator of reefers with a fleet of 68 vessels, of which Unicool owns 16.
Safmarine Calls Court Action Spurious
South African Marine Corp Ltd (Safmarine) will reportedly fight a court application to liquidate the company and denied that it could not pay debts linked to its charter unit.
