There is something that I find rather puzzling about the ownership of the former CMV fleet, and hopefully someone with sound real knowledge, like Bob Scott, can shed some light.
Mu understanding was that, with the exception of Astoria, the fleet was owned by Global Marine out of Greece. They set up CMV, and this was their shop front that was presented to the punters. So CMV could not raise any money to pay their debts, which included carter costs and wages, but as they (CMV) had no real assets.
So my questions are:
1/ Why did Global Marine let them go under, after all they would still not get paid their charter fees, why not continue to pay the bills until this Covid thing is all over. After all Global still have all their costs to pay, with the exception of wages.
2/ Why has the court seized the ships and are now auctioning them off if Global do indeed own the ships. How can they be assets of CMV if CMV do not own them.
I have worked in the shipping operations all my life and so I do have an idea how it all works, but I can't figure this one out.
Love to hear some sound ideas on this. (IE; not nonsense speculation)
Cruise & Maritime Voyages (CMV) and TransOcean Tours are both owned by Global Marine. Global Marine also owned the vessels (except the Astoria, which is owned by the portuguese Portuscale Cruises) and so the fleet of CMV and TransOcean are also part of the Global Marine fleet. When Global Marine went bankrupt, CMV and TransOcean also went bankrupt as they are owned by Global Marine, which is why the vessels were seized by the British government.