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Banks set crunch February 28 deadline for Marenave

Troubled German line Marenave Schiffahrts has been given another month to sort itself out by its creditors.

Banks have set a renewed deadline of February 28 for the line to resolve its finances and are anxious to get the line taken over by another firm if it is to avoid insolvency.

Ernst Russ, formerly HCI Capital, has built up a sizeable shareholding in the line, controlling 333,960 shares giving it 22.6% of the voting rights in the German company as of December 22.

Ernst Russ has, however, remained coy over its Marenave intentions, not committing publically as to whether it will come in to save the German line.

Marenave was founded in 2006 by König & Cie and HSH Nordbank although it has since changed hands twice.

Its most recent fleet list shows six product tankers, four bulk carriers, two containerships and a car carrier.

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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