Creditors to Pursue ARA Vessel Arrests as Bankruptcies Escalate
Rotterdam-based law firm AKD says that creditors of ailing shipping groups such as STX Pan Ocean of South Korea, and TMT of Taiwan, could seek to take advantage of prevailing bankruptcy laws to enforce vessel arrests and other attachments in the Amsterdam-Rotterdam-Antwerp (ARA) region. Haco van der Houven van Oordt, a partner with the shipping and offshore team at AKD in Rotterdam, said, “The recent reports of bankruptcies and voluntary liquidation proceedings involving shipping companies have now reached levels which exceed any in recent memory. STX Pan Ocean, South Korea’s largest dry bulk operator, has reportedly obtained bankruptcy…
HRDD Dockyard Logs Busy January
Stimulated by the news that the 2nd floating dock ( for capsize and post panamax vessels ) will put in operation in July of 2004, HRDD experienced another up surging output in January of 2004. M/V Maritime Songkhla ( 160.38 x 24.6 x 13.6 ) from IMC ( Singapore ), 480 tons of steel renewal and the twisted hatch covers adjustment; Also, another vessel from IMC, M/V Unirial ( 225 x 32.2 x 18.3 ) finished her 12 days docking and repair in HRDD in the beginning of January, 2004. M/V Kallisto ( 182 x 27.6 ) from Totis Maritime S. M/V Agia Pisti ( 145.27 x 24.6 x 13.6 ) from Samios Shipping Company S.A. Also the routine dock and repair were performed on M/V Pacific Mercury ( 189.99 x 32.2 x 16.5 ) and M/V Pacific Scorpio ( 189.99 x 32.2 x 16.5 ) from Pacific Emerald shipping inc.
