Ship values decline

The trustee handling the Eastwind Maritime bankruptcy is giving a bank possession of 6 ships for which they held the mortgages. The value of the ships is now less than half of the loan amount.

Tokyo Star Bank is owed $54.7m in mortgages on the chemical tankers and the 28,300-dwt bulker Yamaska (built 1985), but the ships are worth just $22.7m, according to court documents.

This takes care of 6 ships, but there is a bunch more...

Before its bankruptcy filing, Eastwind Maritime owned more than 70 reefers, bulkers, tankers, boxships and other vessels, according to legal records.

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