IN BRIEF

RESTRUCTURE PLANS

Netherlands-based vessel operating company Cargoship Maritime BV has entered into talks for restructuring its time charter portfolio. The aim is to renegotiate the time charters of the vessels in the company to better reflect market prospects. The renegotiation will affect time charters of 22 ships currently trading, mostly tankers and 13 different owners. All of the vessels affected are commercially managed by Netherlands-based Seaarland Shipping Management BV. Its managing director Antonio Zacchello said ‘The world has changed and shipping in general has entered a very tough period. The charters within the company were made in different times and are not sustainable in this market.’ The restructuring of Cargoship Maritime does not involve other companies managed by Seaarland.