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Marenave Schiffahrts edges closer to financial oblivion

Marenave Schiffahrts is a step away from financial oblivion with the board revealing two creditors have vetoed the Hamburg-based owner’s restructuring plans.

In June this year the struggling German line finally managed to agree a deal with its banks to sell off the entire fleet of the company as part of a desperate restructuring plan. However, since then two creditors have backed out of this tentative deal with Splash understanding falling asset prices were cited for the disagreement.

In a statement following this creditor U-turn, the Marenave board questioned “whether the positive going concern forecast for Marenave can continue to be upheld”.

Marenave Schiffahrts AG 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.

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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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