Zeamarine closes offices in Denmark
Zeamarine is closing its operations in Denmark. The Danish subsidiary has filed for bankruptcy resulting in the closure of two offices and 23 employees being sent home, confirms local liquidator Hafnia Law.
The German breakbulk carrier has two offices in Denmark, one in Naevsted and one in Aarhus, but both offices have now been closed following the opening of the bankruptcy procedure.
With this latest development, half of Zeamarine’s European offices are now either insolvent or closed. In February, the company announced that the Zeamarine Germany, Zeamarine Chartering and Zeamarine Bremen had moved under court supervision and subsequently filed for insolvency for the office in Bremen.
The headquarters in Hamburg and the office in Antwerp, however, are still operational, both offices confirm.
It’s not clear what the future will hold for Zeamarine. In December, the company entered into a restructuring process which so far saw the shipping company reduce its fleet, sell the Americas business and close half of its European offices.
Two possible scenarios are that the company will continue in a slimmed-down form or be wound up completely. The outcome likely depends on the Zeamarine’s ability to secure agreements with its creditors. The company declined to comment on the matter while the restructuring process is ongoing.
The sale of Zeamarine’s Americas business has led to the revival of the U.S. shipping brand Intermarine, which disappeared from the market when it merged with Zeaborn to form Zeamarine in August 2018.
Intermarine now operates three services between the U.S., South America and the Caribbean and manages nine vessels ranging in deadweight from 6,000 to over 11,000 tonnes. The largest of the nine vessels has a lift capacity of up to 400 tonnes.
The restructuring process of Zeamarine is the largest in the breakbulk industry since the bankruptcy of Beluga Shipping in 2011. Before Zeamarine began its restructuring, it was listed as the fourth-largest multipurpose vessel operator in the world in Dynamar’s top-10 of global MPV-operators.
Fuel prices take a massive nosedive
Fuel prices have taken a massive nosedive since the beginning of the year with low sulphur fuel prices in Singapore dropping from USD 734 per tonne on January 1st to USD 415 per tonne today. The price drop comes at a good time as the transport and logistics industry is struggling with low demand as… Read more ›
Manager loses contact with general cargo vessel after pirate attack
Chinese vessel manager Tianjin Xinhai International Ship Management has lost contact with its general cargo vessel Huanghai Glory after the vessel sent a piracy alert using its Ship Security Alert System (SSAS). An unknown number of pirates are believed to have boarded the vessel, which is currently drifting off the coast of Nigeria. The vessel’s… Read more ›
Siemes preferred supplier for Germany’s largest offshore wind farm
PRESS RELEASE – Ørsted has named Siemens Gamesa as the preferred turbine supplier for two offshore wind power projects in the German North Sea totalling more than 1.1 GW in capacity. The award concerns the 242 MW Gode Wind 3 site and the 900 MW Borkum Riffgrund 3, which will be the biggest offshore wind… Read more ›