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Zeamarine restructuring sees fleet carve-up

Two parts of the Zeamarine Group sought court protection yesterday as restructuring and the fleet carve-up at the Bremen shipping giant accelerates. A court appointed Tim Beyer as provisional insolvency administrator for two companies, Zeamarine Bremen GmbH & Co KG and Zeamarine Chartering Bremen, with a view to coming up with a debt settlement with creditors to avoid outright bankruptcy.

In conversation with local media last night, Beyer stressed the insolvency proceedings only concerned a small part of the Zeamarine empire, with some 24 employees.

Elsewhere, however, restructuring is in full swing at Zeamarine with large parts of the sprawling group being sold off. The reversal in fortunes is a sharp turnaround for what had been Germany’s fastest growing shipping conglomerate for most of the past decade taking on fleets from shipping heavyweights such as Rickmers and CP Offen in recent years.

Zeamarine’s American liner division has been sold and will operate under its old brand name, Intermarine, while nine heavylift ships have been taken by United Heavy Lift. The commercial management of another 10 MPPs has been transferred to HC Chartering, the group revealed in an update yesterday.

Zeaborn Ship Management and Harper Petersen, a commercial manager, continue to operate as independent entities, unaffected by the restructuring that has seen senior personnel from the group step away.

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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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