Marenave Selling Car Carrier as Part of Its Restructuring

Hamburg-based shipping trust Marenave Schiffahrts has entered into an agreement to sell its car carrier, operated by the company’s subsidiary Mare Berlin Schiffahrts GmbH.

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.

Marenave Schiffahrts said that, in parallel with this transaction, arrangements have been made with both the purchaser and the charterer, with the current charterer remaining in place, under which the buyer will take over the existing charter party in respect of rights and obligations going forward.

The deal will become effective upon the fulfilment of certain conditions precedent, the company added.

On March 31, the company entered into an agreement on restructuring and release of liability, and a waiver and liquidation agreement with its financing banks.

As part of the sale of the ships at a single-ship company level, the banks are set to waive under certain conditions the outstanding claims resulting from the ship financing loans to the extent that is necessary to allow for a solvent liquidation of each relevant single-ship company, Marenave said.

Under these agreements, the conclusion of the present sale agreement, as part of the agreed sale of the entire Marenave fleet, “is a necessary step for the release of Marenave from all liabilities used as collateral to secure its ship financing loans and is thus a condition for the successful restructuring of the company.”

Additionally, after an existing bank loan for the ship itself is repaid, a portion of the proceeds from the sale of the car carrier ship will be distributed to the majority of banks financing the Marenave fleet in order to partly repay the ship financing loans they granted.

Following the sale of the car carrier, Marenave aims to start building up a new fleet and carrying out maritime projects.

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