Marenave’s Final Vessels Sold Off

  • Business & Finance

The remainder of the fleet once owned by German shipping trust Marenave Schiffahrts has been sold through a bank-driven process, data provided by the company shows.

The data lists a mix of six tankers, two containerships, four bulk carriers and a car carrier as sold. The majority of the fleet was disposed of in March, May and June, respectively, while the final two ships were sold in the second half of September, according to data provided by VesselsValue.

The two ships in question, the LR1 tankers Mare Pacific and Mare Atlantic, reached a price tag of USD 5.9 million and USD 5.4 million. VesselsValue data also shows that the 68,500 dwt tankers, built in 2001, were purchased by Greece-based Stalwart Management.

With the final vessels disposed, the company has fulfilled the conditions for its restructuring, as earlier set by Marenave’s financing banks.

However, the company’s existence was once again put into question in mid-September as the proposed capital reduction, another condition for implementing the restructuring concept, was rejected by key shareholders.

At the annual general meeting held on September 15, members postponed capital reduction. Consequently, the investment agreement involving CPO Investments GmbH & Co. KG (Offen Group) and DEVK Allgemeine Versicherungs-Aktiengesellschaft fell through.

The shipping trust started its negotiations with the financing banks in late 2016 in order to avoid insolvency after it received notice from the two banks financing the Marenave-fleet stating that Marenave’s restructuring concept will not be supported.

World Maritime News Staff

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