Tuesday, July 21, 2009

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.

click here for complete article from Tradewinds

No comments: