Advertisement

HEAVYLIFT: Restructuring for Beluga

The blue-hulled ships of Germany’s heavylift specialist Beluga Shipping are continuing in employment, but the company is undergoing a substantial financial restructuring after its founder, Niels Stolberg, took a leave of absence in March and a new management team took over in an attempt to hold off bankruptcy. However, on 22 March the management boards of the respective companies announced that they were opening insolvency proceedings at the local court in Bremen.

The firm has taken on a large number of specialised newbuildings over the past several years, including its new P1 and P2 series ships with a lifting capacity of 1,400 tons, but utilisation rates for the specialised vessels have been low because of the recession. Last year Beluga agreed to an infusion of $280 million from the US-based investment firm Oaktree Capital.

Ships Montly - January 2024

Canadian Coast Guard Multi-Purpose Vessel

Steerprop has been chosen to provide a comprehensive Polar Class 4 (PC 4) propulsion package for the Canadian Coast Guard's Multi-Purpose Vessels (MPVs) renewal...
Advertisement

Related articles

Canadian Coast Guard Multi-Purpose Vessel

Steerprop has been chosen to provide a comprehensive Polar Class 4 (PC 4) propulsion package for the Canadian...

New freight ship begins service on Stena Line’s Dublin-Liverpool route

Swedish ferry company, Stena Line introduced a larger RoRo ship, Bore Song, on the Dublin-Liverpool (Birkenhead) route last...

Red Sea disruption pushing up container values and rates

Container values have risen significantly across almost all sectors and age categories since the start of the year. Following...

Maersk’s second large ‘methanol-enabled’ vessel named Astrid Mærsk

In a ceremony in  Japan on 4 April, Maersk’s second large methanol-enabled container vessel was formally named Astrid...