Marenave Finds Buyers for Three Tankers

  • Business & Finance

German shipping trust Marenave Schiffahrts AG has sold three of its tankers to undisclosed buyers for a total of USD 24.2 million, data provided by VesselsValue shows.

Disposed of through a bank sale, the ships in question are LR1 tankers Mare Atlantic and Mare Pacific, which fetched a price of USD 6.8 million a piece. The third vessel from the batch is reportedly the 37,400 dwt MR2 tanker Mare Ambassador, which was sold for USD 10.6 million to a Greek owner.

Featuring 68,500 dwt each, the LR1 ships were built in 2001 by Japan’s Koyo Dock. The 2005-built Mare Ambassador was constructed by Korean shipbuilder Hyundai Mipo.

The sales are a part of the Geman company’s restructuring, under which Marenave needs to dispose of its entire fleet.

On March 31, the company entered into an agreement on restructuring and release of liability, and a waiver and liquidation agreement with its financing banks.

Under the terms of the agreement, Marenave will be released from all liability in connection with the obligations taken on to secure the ship financing loans and will receive a certain amount to finance its business as a going concern.

As part of the sale of the ships at a single-ship company level, the banks are set to waive under certain conditions the outstanding claims resulting from the ship financing loans to the extent that is necessary to allow for a solvent liquidation of each relevant single-ship company, Marenave said.

Earlier in May, the company signed an agreement to sell its car carrier, operated by the company’s subsidiary Mare Berlin Schiffahrts GmbH.

Although the company did not disclose the name of the vessel in question, VesselsValue lists the 2005-built Hoegh Berlin as the only car carrier operated by the firm.

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