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Shipping in a tough period

Shipping in a tough period
Seaarland Shipping Management has withdrawn 22 tankers it commercially manages from three pools as restructuring talks begin.

Netherlands-based vessel operating company Cargoship Maritime BV says it has entered into talks for restructuring its time charter portfolio in a bid to keep going. It says its aim is to renegotiate the time charters of its vessels in to ?better reflect market prospects?. The renegotiation will affect time charters of 22 ships currently trading, mostly tankers, and thirteen different owners.

In move to ?ensure that the restructuring of the time charter fleet does not affect pool partners?, the time chartered vessels in Cargoship have been withdrawn from the Handytankers, Aframax International and Baumarine pools.

All of the vessels affected by the renegotiation are commercially managed by Netherlands-based Seaarland Shipping Management BV. Antonio Zacchello, managing director of Seaarland Shipping Management says, "The world has changed in a way few could have anticipated and shipping in general has entered a very tough period. We all have to adjust to that. The charters within the company were made in different times and are not sustainable in this market. We need to renegotiate the charter rates and periods in order to allow the company to carry on its business and be positioned for the future when the market will recover and the company can resume its charter obligations. We will present everyone involved with a restructuring plan which will be balanced and equal and if that is accepted we can continue payments and the company can go on. Meanwhile we can continue to trade, which benefits all parties. We have the support of our banks and if everyone involved behaves sensibly we can see a clear way forward which avoids dissolving the company."

The restructuring of Cargoship Maritime does not involve other companies managed by Seaarland.

The agency agreement for marketing the Handytankers Pool and Aframax International Pool will be terminated and the activity for these regions will be relocated to pool managers Maersk and OSG respectively. The joint venture agreement covering the Suezmax International Pool between OSG and Seaarland has also been terminated. Pool management of Suezmax International is now carried out entirely by OSG.

Singapore-based Global Tanker Pool is unaffected by the Cargoship time charter renegotiation. It will continue to be managed out of Singapore and none of the vessels chartered by Cargoship are entered in the pool.

www.TurkishMaritime.com.tr

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