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Offen backs struggling Marenave

German investors are coming to the rescue of Hamburg’s struggling Marenave Schiffahrts.

Marenave has managed to conclude an investment agreement with a subsidiary of the Offen Group and DEVK Allgemeine Versicherungs-Aktiengesellschaft for a firm EUR2m as well as another planned EUR14m, potentially saving the line from the financial abyss. The deal is subject to Marenave’s banks easing off the strict liabilities the German line faces at the moment. Offen Group will be represented on the board of directors pursuant to the deal taking effect.

Ernst Russ had previously been building up a stake in Marenave. The line has until February 28 to submit a restructuring plan for creditors to agree upon.

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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