26 vessels up for grabs in Toisa sell-off

26 vessels up for grabs in Toisa sell-off

Clarksons has been appointed by the US Bankruptcy Court to sell off the entire commercial shipping fleet of Gregory Callimanopulos’s Toisa.

Toisa and 23 of its affiliated vessel-owning companies filed for Chapter 11 in the Southern District of New York Bankruptcy Court in January last year. In May, it was hit with a $304.55m tax claim by the US government.

The company put forward a restructuring proposal to creditors in August last year, which is ongoing despite the fleet sell-off.

The vessels up for sale are made up of seven Chinese-built kamasarmax bulkers, five suezmax tankers and eight other tankers of various sizes. Six additional tankers under construction at Cosco Yangzhou are also listed for sale.

“We will be circulating email notices with details of dates and locations of when individual vessels will be inspectable and advising on the sale process timeline,” Clarksons said in a circular, adding that all bids must be firm and unconditional, and not subject to any financing or other contingencies.

The vessels for sale are bulkers Trade Quest, Trade Spirit, Trade Prosperity, Trade Resource, Trade Unity, Trade Vision, Trade Will as well as tankers United Dynamic, United Emblem, United Kalavryta, United Leadership, United Seas, United Fortitude, United Grace, United Honor, United Journey, United Ambassador, United Banner and United Carrier. The newbuildings for resale are tankers United Oceans, United Paragon, Pericles G.C., United Mariner, United Nomad and Nikos Kazantzakis. All are due for delivery this year.

It is not yet clear whether the offshore fleet has also been put up for sale, however one offshore industry source told Splash that only a handful of the company’s ships are working.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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