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Atlas goes bust
The Bo Kristensen-led bulker operator has filed for bankruptcy in a Danish court on Thursday.
The Dane was forced into the move as persevering with current operations would have seen it devour all of its liquidity within the next three months.
The bankruptcy filing, made at the Maritime and Commercial Court in Copenhagen on Thursday morning, was made “due to the historic drops in freight rates”.
Kristensen said in a company announcement on Thursday: “We unfortunately have to recognise that the present freight rates and the charter-parties we have entered into before the crisis in the shipping business commenced will imply a liquidity loss of approximately $3m a week if we continue our operations in their present form.”
The announcement continued: “The management has had to realise that if the group continues its operations it will not be able to fulfill its obligations as they fall due.”
Kristensen added: “It is extremely unfortunate, not least for all our highly skilled employees and our loyal customers, that due to the historic drop in freight rates since August 2008, we have had to realise that within a foreseeable timeframe the group will no longer be able to fulfil all its financial obligations as they fall due”.
“Simultaneously with the bankruptcy order in respect of Atlas Shipping A/S, bankruptcy orders were issued in respect of Atlas Bulk Shipping A/S and Atlas Shipping Holding A/S,” the announcement continued.
Established in 1996, Atlas has been an active charterer of dry-bulk tonnage. It currently operates a fleet of 41 vessels ranging from handysizes to panamaxes.
Kristensen, who previously was with the Lauritzen group and is a majority shareholder in Atlas, had confidently predicted in only August this year that the company would grow and return a profit in 2008.
Thursday’s announcement read, however: “Total revenue in 2008 has been close to $1bn, but due to the global crisis in shipping the group has more than halved its profit from ordinary activities, i.e. before making the substantial loss provisions in respect of contracts.”
The operator was in the midst of growing its owned fleet: just this August it penned a series of 35,000-dwt bulkers at DaoDa Heavy Industries in Nantong, China. Last year, along with a Greek partner, it signed up for a series of up to eight 58,000-dwt bulkers at Yangzhou Guoyu Shipbuilding in China. Two are firm contracts, while the rest are options.
Greek shippers sue FMG for breach of contracts
A major Greek shipping company is suing Fortescue Metals Group for $US130 million for suspending long-term shipping contracts.
The Greek complaint is the latest case against the Perth-based miner, which said earlier this month that it was suspending long-term shipping contracts due to changed market conditions.
Splendour Special Maritime Enterprise, a subsidiary of Angelicoussis Group, said Fortescue cancelled a five-year charter and refused to take delivery of Anangel Splendour on December 8.
The ship was contracted in July.
The $US130 million ($185 million) case will go to arbitration in London and “if agreement is not reached the Greeks will file a lawsuit,” a person familiar with the situation said.
Fortescue and Splendour Special Maritime were not immediately available for comment.
Fortescue said earlier this week it was facing legal disputes after it suspended shipping contracts in the face of sagging freight rates and that it was reviewing the legal status of the contracts.
The global slowdown has seen a sharp drop in freight rates from the record highs seen earlier this year, and Morgan Stanley analysts said Fortescue looks to have struck contracts at rates well above current prices.
Bulk carrier Armada (Singapore) has also filed a complaint against Fortescue seeking $2.5 million in damages for one contract it claims was breached in the fourth quarter.
Armada has contracts with Fortescue worth between $US200 and $US300 million, people familiar with the situation said.
“The contracts (with Armada) were for around 80 Cape size vessels for about $US3 million per freight. The contracts were for a three-year period,” an insider said.
Dow Jones Newswires
China Cosco dives 5.2% on futures losses
China Cosco Holdings Co, the world’s largest operator of dry-bulk ships, fell to the lowest in two weeks in Shanghai trading yesterday after saying it may lose 3.95 billion yuan (S$853 million) from wrong-way bets on freight rates.
The shipping line dropped 5.2 per cent to 8.78 yuan at the close yesterday, extending losses for the year to 79 per cent.
China Cosco reported the potential losses from forward freight agreements after bulk-shipping rates plunged as much as 94 per cent in less than seven months.
Rates tumbled as Chinese steelmakers curbed production and because the credit crunch made it harder for companies to raise financing for shipments.
‘This is only the start,’ said Ryu Je Hyun, an analyst at Mirae Asset Securities in Hong Kong. ‘The bigger problem will be that China Cosco may face difficulties getting money on vessels it let out to third parties. That is definitely not going to do any good for earnings.’
China Cosco may pare its losses from FFAs as investors expect rates to climb. FFAs for capesize vessels on Monday signalled an average first- quarter rate of US$17,875 a day, data from Imarex showed. That compares with a US$9,740 spot market rate.
Rates have fallen as a global recession is damping demand for iron ore, a key steelmaking ingredient, in China, the biggest customer for bulk-shipping lines. Crude steel output at Chinese mills fell 13 per cent last month, according to the National Bureau of Statistics.
The ‘operating environment’ this quarter is ‘very tough,’ China Cosco said. Demand at the company’s container-shipping unit, China’s biggest, has also fallen and fees along major routes have ‘declined dramatically.’
‘With the Baltic Dry Index below 3,000, it will be hard for any bulk carrier to make money,’ said Mr Ryu. ‘But the bigger problem isn’t about making losses, it’s that cash flow will worsen.’
Evo detaljnije:
Hellas-based ship owners sue FMG for breach of contracts
Friday, 19 December 2008
The Greek complaint is the latest case against the Perth-based miner, which said earlier this month that it was suspending long-term shipping contracts due to changed market conditions. Splendour Special Maritime Enterprise, a subsidiary of Angelicoussis Group, said Fortescue cancelled a five-year charter and refused to take delivery of Anangel Splendour on December 8.
The ship was contracted in July.
The $US130 million ($185 million) case will go to arbitration in London and “if agreement is not reached the Greeks will file a lawsuit,” a person familiar with the situation said.
Fortescue and Splendour Special Maritime were not immediately available for comment.
Fortescue said earlier this week it was facing legal disputes after it suspended shipping contracts in the face of sagging freight rates and that it was reviewing the legal status of the contracts.
The global slowdown has seen a sharp drop in freight rates from the record highs seen earlier this year, and Morgan Stanley analysts said Fortescue looks to have struck contracts at rates well above current prices.
Bulk carrier Armada (Singapore) has also filed a complaint against Fortescue seeking $2.5 million in damages for one contract it claims was breached in the fourth quarter.
Armada has contracts with Fortescue worth between $US200 and $US300 million, people familiar with the situation said.
“The contracts (with Armada) were for around 80 Cape size vessels for about $US3 million per freight. The contracts were for a three-year period,” an insider said.
Source: Dow Jones Newswires
Evo malo na istu temu.
A i bankrotirao još jedan operater. Grčko društvo imalo nešto brodova kod njih.
Dry Bulk
Fortescue enters arbitration in London
Friday 19 December 2008
FORTESCUE Metals Group has entered arbitration in London and has less than $1.5m frozen in the US over its suspension of shipping contracts, the iron ore miner revealed today, reports Lloyd’s List DCN.
Fortescue maintained that it had a legitimate legal entitlement to suspend the contracts.
The 10 contracts had been sealed at the top of a market that has subsequently slumped to a fraction of its previous value.
Shipowners have lined up to sue the company over the action.
“The referral to arbitration of Fortescue’s suspension of the contracts was expected by the company and the continuing operations of the business are not affected,” the company said.
“The alleged face value of claims that have been suggested in recent press articles are considered by Fortescue to be ambit claims.
“Furthermore, any ultimate contract liability would need to have regard to a number of factors, including the shipowner’s obligation to mitigate losses and would likely be substantially less than the contract’s alleged face value.
“One important element in the determination of mitigation is the difference between the volatile spot shipping rate and the contracted rates, and this will change over time.
“Accordingly, any estimate of potential liability, if any, at this stage is not considered to be appropriate.”
Fortescue revealed that parallel claims in US courts had led to $1.5m of its cash being frozen on court order “as potential security for any payments that may be determined following the arbitration of claims ongoing in the UK and is a normal part of the process for claims of this nature”.
……
Inace, Laurin Maritime je vec podosta narucivao kemikalce u Brodotrogiru, a za njih je radio i Uljanik.
Eto, posla ima, moze se. Naravno, to treba netko kupiti da bi nam pokazao kako se moze raditi sa profitom [tongue]
je, al treba krast. A tko će onda to?
Seoul-listed Mipo says it will now build three bulkers and three chemical tankers for the European company after the original deal for six dry-cargo vessels was updated.
Mipo says the new contract is worth KRW 339bn ($259.19m), 37% more than the original KRW 249bn pact.
http://www.tradewinds.no/drycargo/article526982.ece
DryShips reportedly poised to cancel $1.17bn deal for nine capesize bulkers controlled by CEO George Economou.
[tongue]
Ups, ipak je to resale, a ne novi ugovor.
2XEITZEN RESALES
46.000
JAN-JUL 2011 TROGIR
USD 52M EACH
SOLD TO LAURIN
Ashrak, evo najnovijeg materijala za Najdrazeg Vodju:
(a tumpleci nek i dalje postaju stanje drysa [lol] )
Economou-nics Drags Down DryShips
Tuesday, 23 December 2008
DryShips’ chief executive is steering an erratic course for his company, seemingly one that benefits his own privately held concern more than the public company’s shareholders.. CEO George Economou was quoted Monday as saying DryShips is “likely” to cancel the purchase of nine large dry-bulk ships that it agreed to purchase from his own private fleet just a few months ago. Although the cancellation would be balance-sheet friendly in the current environment — where empty ships are almost literally a dime a dozen — DryShips shares plunged 11.3%, or $1.27, to $9.96, in afternoon trading.
Even with spot charter rates plummeting, DryShips announced in October it planned to take over nine vessels that had been owned by Economou’s private company, Cardiff Marine.
DryShips was to pay 19.4 million of its shares, worth $689.6 million at the time, for the ships. It would also have assumed $478.3 million of debt.
But on Monday Economou dropped a bomb on DryShips shareholders. In an interview he said DryShips is likely to cancel the acquisition. When the purchase was originally announced, investors were outraged at what seemed like the exorbitant price DryShips would be paying for Cardiff’s ships. Yet the ships were to be purchased with a stock that is now worth just $193.2 million, so what once looked expensive for DryShips is now looking cheap — thus a bad deal for Economou’s Cardiff.
If the company’s cancellation of four smaller vessels earlier this month is any indication, DryShips shareholders will be paying the price. On Dec. 10 DryShips said it failed to get bank financing for a $400.0 million transaction announced in July and that Economou’s companies would keep $55.0 million in deposits. To add fuel to the fire, DryShips paid an additional $105.0 million for the cancellation as well as an exclusive option to buy the ships for $160.0 million. The option expires Dec. 31.
It is unclear if DryShips shareholders would have to pony up cancellation and other fees if in fact the nine ships are canceled.
Economou does own 30.2% of DryShips, so he stands to share some of the company’s pain.
Last month, Genco Shipping & Trading announced it abandoned $53.0 million on deposit for the purchase of six new ships.
But Genco’s cancellation was with a third party, not its own CEO. Last week, Eagle Bulk Shipping announced it reached an agreement with Yangzhou Dayang Shipbuilding to cancel $363.0 million worth of ships.