SEADEBT Management, a new global maritime collection agency, has made its debut in London, promising to arrest ships, whose owners will not honour their financial obligations.
Backed by a group of City investors, SeaDebt is managed by a team of specialists under the direction of Paul Johnston, formerly with the International Transport Intermediaries Club (ITIC).
A company statement said the SeaDebt team has over 25 years' experience in providing maritime-related debt collection services.
"In a global business such as shipping, securing payment for goods or services can often be difficult, especially when the debtor has little in the way of assets or can't be pursued cost-effectively through normal litigation.
In today's economic environment, when so many companies are struggling to stay in business, the problems associated with non-payment of debt inevitably increase," said Mr Johnston.
In the first few weeks of operation, solely through personal contacts and its expanding network of P&I club correspondents and lawyers around the world, SeaDebt claims to have received a many enquiries from companies as far afield as India, Brazil and Turkey.
The company said it is already in the process of collecting debts on behalf of companies working in a wide range of business sectors including bunker supply and tank container operations.
Mr Johnston said the cases the company are working on include one involving South American ship suppliers who are chasing owners for non-payment. A second case involves an Indian bunker trader, who was said to be owed US$142,000 for bunker ordered by a charterer.
In such instances, "SeaDebt will sometimes seek to arrest vessels if the charterers/owners continue to ignore requests for payment," the release said."
Many shipowners are experiencing major cash flow problems at the moment and as has been widely reported, some very well-known names are among them.
It is hardly surprising that some bunker suppliers are demanding pre-payment before delivery.
However, in a competitive business, this is not an option that is available to all and inevitably some bills will go unpaid until the owners concerned are faced with the reality of a ship arrest or whatever else it takes to secure payment," added Mr Johnston.
Source : HKSG, 07.11.09
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