Tag: bankruptcy

Aegean Marine Petroleum Network Inc. announced that it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. The debtors entered this process with the support of Mercuria Energy Group, an independent energy and commodity company.

Following the joint efforts of the ITF, the MTWTU, the Ministry of Foreign Affairs of Ukraine, as well as lawyers, seafarers’ relatives and other parties concerned, 57 Ukrainian seafarers returned back home in June and July of 2018, after being stranded in abandoned vessels for months. 

The Italian shipping company, RBD Armantori, located in Naples, has been officially declared bankrupt by the Court of Torre Annunziata, earlier this week. Armantori tried to create a rescue plan. Such a thing did not happen and as a result, there weren't the necessary requirements for the company to be saved.

Aiming to optimize its capital structure pending recovery in the floating rig drilling industry, Luxemburg-based offshore operator Pacific Drilling announced that it has filed for Chapter 11 in the US Bankruptcy Court for the Southern District of New York.

South Korean police are seeking an arrest warrant for the chairman of Hanjin Group, Cho Yang-ho, on charges of breach of trust. Mr. Cho is under investigation over suspicion that he used company funds for personal purposes, including renovation of his home.

On September 20th, IMS group signed a purchase agreement with the OceanSaver Trustee to acquire all intellectual property, certificates and assets after OceanSaver’s bankruptcy filed on September 13th 2017.

In response of last year's bankruptcy of Hanjin Shipping, THE Alliance Agreement is establishing a USD 50 million contingency fund that can be used to help member carriers manage through, and recover from, the insolvency or financial distress of a participating line.

The Norwegian-based manufacturer, OceanSaver, which was one of the first to receive the USCG Type- Approval for its BWTS, is heading towards bankruptcy. The sad news was announced by Aage Bjørn Andersen, who is one of  the two founders of the company.  OceanSaver has not made any official announcement so far. 

Leasing companies are tightening their stranglehold over container equipment ownership, but the lessors’ rapid expansion has come at a price as the combination of low borrowing costs and competitive pressures has had an adverse impact on lease rates and accompanying investment returns, Drewry noted.

Less than a year after Hanjin Shipping's bankruptcy, all the 14 remaining South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector. Under the name "Korea Shipping Partnership", the new shipping consortium will be led by Hyundai Merchant Marine.