RBD Armatori fleet sale falls through

RBD Armatori fleet sale falls through

No one has been willing to shell out the $200m demanded for the 13 ships belonging to bust RBD Armatori.

The first attempt by the Court of Torre Annunziata in Naples to sell the mix of tankers and bulkers was unsuccessful with no offers submitted.

Neither Pillarstone Italy nor Spyros Pappas’ Star Bulk Carriers showed interest despite earlier speculation that the two would spar for the fleet. Pappas’ Italian partner Augustea Atlantica inspected all the fleet and was interested in purchasing all the assets at a lower value, Splash understands.

The starting price for RBD’s shipping arm made up of three capesizes, four post-panamax bulkers and six aframax tankers with existing company personnel ashore and onshore was $200m.

The KKR-controlled turnaround fund Pillarstone is also the main creditor of RBD, which was declared bankrupt earlier this year. Pillarstone tried to submit an offer which was worth $185m for seven ships but creditors and administrators rejected the offer.

The Court of Torre Annunziata is likely to proceed now with another sale at auction to be launched in the coming months at a lower starting price.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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