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Editor in chief: Angelo Scorza
29/07/19 11:26

Two ships of PB Tankers seized in the Caribbean

Ice Point and Iron Point are stuck in Bahamas at the request of a creditor, the Canadian bunker supplier Canden

After a few weeks since the lifting of the sanctions imposed by Washington for having transported Venezuelan oil on behalf of a Cuban trader (forcing the company to give up the management of Edison's FSO Alba Marina as well as to apply for an arrangement with creditors with reserve), PB Tankers has to face another problem.

As a matter of fact, two ships of the fleet (consisting of 5 units) belonging to the Pietro Barbaro Group's subsidiary have been subject to precautionary seizure in the Caribbean. The news, reported by TradeWinds, was confirmed to Ship2Shore by Massimo Nicolazzi, the experienced manager in the energy sector who recently replaced Federica Barbaro as CEO of the Roman shipping company: "Our two product tankers Ice Point (2008; 51.000 dwt) and Iron Point (2008; 51.000 dwt) are in the port of Freeport (Gran Bahamas), under seizure". Also the third unit of the fleet, i.e. Silver Point (2011; 50.400 dwt) is moored in the same port, but "it is not under seizure", Nicolazzi pointed out.

The manager also revealed that the seizure of PB Tankers' two ships was requested "by the Canadian bunker supplier Canden due to our failure to pay a supply of fuel".

The problem is very difficult to solve: "PB Tankers has the necessary cash to pay its debt to Canden but, since we initiated an arrangement procedure, we are prevented to pay creditors by law", Nicolazzi explained.

In fact, the arrangement should protect the company from similar circumstances, "but enforcing a voluntary arrangement resolved upon by an Italian Court outside Europe is very difficult indeed".

Therefore, if it does not redeem these two ships, PB Tankers will not be able to implement its restructuring plan. However, its current legal status prevents the company to meet Canden's demand, although it has the necessary economic resources to do so. 

"We are trying to find a solution, but it is not easy. We rely on the sympathy of the Italian judicial authorities", Nicolazzi concluded.

Francesco Bottino

TAG : Tanker