Union Hits Out at Vulture Fund Swoop on Tall Ship

Press Release
Wednesday, November 07, 2012
Fragata Libertad: Photo credit Wikimedia CCL

TF president Paddy Crumlin condemns those responsible for seizure of 'Fragata Libertad', an Argentine navy training ship, in Ghana.

The detention of the ship was ordered on application to a court by Elliott Capital Management, which has bought up debt associated with bonds on which the Argentinian government defaulted in 2001.

Paddy Crumlin stated: “The Ghana injunction comes at the urging of one of the worst international financial predators, Paul Singer, a US hedge fund billionaire who has made a vast fortune preying on countries and workers around the world, a fortune made partly by investing in anti-union companies.”

He continued: “In trying to hold hostage one government over a dispute on sovereign debt by holding the Libertad hostage, Singer shows that he only holds one thing sacred: making more profit and building his wealth. Motivated by greed, and not the respect of the rule of law, Singer has even refused the two debt swap programmes that have succeeded in restructuring 95 percent of Argentina’s defaulted debt.”

Crumlin concluded: “Singer’s actions are further to be condemned as he is holding a training vessel of young Argentinian men and women seeking a career at sea reflecting generally the lack of regard his company has for the human consequences of their commercial decisions.”

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Hapag-Lloyd Buys Back US Bonds

German container line Hapag-Lloyd  Hapag-Lloyd settles a high-yield dollar bond partly prematurely. The carrier would seek to pay off $125m in principal on its

South China Sea Hearing in Court

The Philippines has sought to debunk China's claims to disputed islands in the South China Sea, court officials said Monday (November 30) as an international tribunal wrapped up a five-day hearing,

Thyssenkrupp Bids for Australian Sub Contract

German industrial group Thyssenkrupp has submitted an offer to the Australian government for a contract to build stealth submarines potentially worth tens of billions of euros,


CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No.

Scorpio Bulkers Sells Six Ships for $227 Mln

Scorpio Bulkers Inc. has entered into agreements with unaffiliated third parties to sell two Capesize dry bulk vessels and four newbuilding Capesize dry bulk vessels

AMC’s Tempest in the Water

Aluminium Marine Consultants (AMC) lowered the new Crew Transfer Vessel Tempest into the water for the first time on November 16, 2015, on time and on schedule for handover mid December.

Maritime Careers / Shipboard Positions Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.0661 sec (15 req/sec)