102-year-old Skaugen to be wound up

102-year-old Skaugen to be wound up

A famous pioneering name in Norwegian shipping is to be wound up. A court in Singapore has heard that creditors led by Nordea have decided to cease support for IMSK, formerly IM Skaugen.

In late June the Norwegian gas carrier operator was granted a three-month moratorium by the High Court of Singapore to preserve the company’s restructuring process, but in the end creditors decided to liquidate the company headed by Morits Skaugen, the third generation at the helm of the shipping firm, one of Norway’s most famous tanker names.

The 102-year-old company has been focused on LNG, LPG and petrochemical gas carriers for many years and has developed many innovative ship designs.

An incensed Skaugen issued a release in which he described his “greatest frustration” at not getting the refinancing of his company in place, lashing out at former partner Teekay as well as creditors for allegedly stonewalling him.

Skaugen was a pioneer in small scale LNG projects, something that is now coming to fruition around the world just as his company folds.

“The pioneers take the arrows, the settlers take the land,” Skaugen quipped.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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