Marenave Sells Car Carrier, Completes Restructuring

Illustration; Image Courtesy: Marenave Schiffahrts

German shipping trust Marenave Schiffahrts has been successfully released from the remaining liabilities owed to the banks as it completed the sale of its car carrier.

Namely, the company was released from liability owed to the banks financing the Marenave fleet in connection with the obligations taken on to secure the ship financing loans after surplus in proceeds from the sale were distributed to the lenders.

The definitive basis for Marenave’s release from liability had already been agreed with the relevant banks on March 31, 2017 and was triggered by the transfer of the substantial part of the cash available from the sale of the car carrier previously owned by the former Marenave subsidiary, MS Mare Berlin Schiffahrts GmbH, to the banks financing the rest of the Marenave group.

The completed financial restructuring, coupled with the sale of the rest of the fleet, which is still outstanding but at a very advanced stage, “will clear the way for the plans to build up a new fleet and for carrying out other maritime projects.”

A portion of the surplus proceeds from the sale of the car carrier was retained by Marenave in order to finance the on-going business operations.

In May 2017, the company signed the agreement to sell the car carrier. Although the company did not disclose the name of the vessel in question, VesselsValue lists the 2005-built Hoegh Berlin as the only car carrier operated by the company. Financial details of the deal and the name of the vessel’s buyer were not unveiled.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >