Beluga Chartering (Beluga Group)

[portagent]

Today, 16th March 2011, Beluga Chartering - the operational arm of the Beluga Group declared insolvency. Up to now, Beluga was said to be the "number 1 worldwide" in heavy lift and project shipping.

Their website here

[Sinisa Aljinovic]

They have to pay a bill for huge appetite, buying dozens ships every year!

[Phil English]

It's a complicated situation. The Beluga fleet is financed through various German K.G. funds most of which are headed by German fund manager HCI Capital. HCI had chartered the ships to Beluga but pulled the charters on 20 ships and placed them in a pool operated by Peter Doehle / Hammonia Reederei. Meanwhile, a U.S. private equity firm had taken control of Beluga when Beluga's former CEO, Niels Stolberg, was forced out of the company due to allegations of fraud and irregularities in the company's financial statements. Although market conditions have played a part, much of Beluga's problems can be laid firmly at the door of their former management team who have either resigned or forced to leave the company.

Brgds
Phil