Uljanik Plovidba Becomes Alpha Adriatic
- Business & Finance
Croatian shipping company Uljanik Plovidba has decided to change its name to Alpha Adriatic maritime transport joint stock company.
The new name has been adopted by the company’s shareholders at the general assembly meeting held on August 29, 2019.
With this move, Uljanik Plovidba wants to avoid being related in any way to unaffiliated Uljanik Group, a Croatian shipbuilder which is currently undergoing bankruptcy proceedings.
Uljanik Plovidba has recently commenced the first phase of its financial restructuring process aimed at improving its business efficiency. In June 2019, the company disposed of Kastav, the oldest ship in its fleet. The MR2 tanker was sold for USD 15.1 million to Turkish Ditas Shipping and renamed T Jungfrau, according to data provided by VesselsValue.
Following the sale of Kastav, Uljanik Plovidba has a fleet of eight vessels comprising four bulkers and four tankers, according to the company’s website.