Mestre-based Motia Compagnia di Navigazione has officially requested the local coast guard to reflag its fleet of seven tankers from the Italian flag to the Marshall Islands as part of a restructuring.
The managing director of Motia, Claudio Baccichetti, told Splash: “The current challenging market for liquid bulk cargo in shipping obliged the company to start a restructuring plan aimed at renegotiating the financial exposure and make possible for Motia to obtain a more balanced condition in order to keep on operating its fleet.”
Motia is in advanced negotiations with an international investor to refinance Motia’s debt.
The company is controlled by Claudio Baccichetti and has a financial exposure of roughly $120m with three Italian banks Unicredit, Intesa Sanpaolo and BancoPopolare.
