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Editor in chief: Angelo Scorza
02/07/18 11:01

Vitol will manage former Finaval ships

The technical management of Isola Blu and Isola Corallo will be seemingly transferred to Latvian Shipping Company

Although before Finaval's debt restructuring plan will be accomplished the overall framework won't be clear, few more elements have been disclosed this week.

While latest news announced that tankers Isola Blu, Isola Corallo and Neverland Angel had recently left the fleet controlled by Giovanni Ievoli's group, some brokers reported that Vitol Switzerland (holding 25% shares in Finaval) will take over these units, while foreign media confirmed that the fleet will be managed by Latvian Shipping, whose majority shareholder is the same trader.

For the time being the technical management of the Isola Blu has already been transferred Latvian Shipping Company, while the Isola Corallo will follow.

Finally, as confirmed by Deutsche Bank, they no longer own mortgage loans on the Isola Blu, Isola Corallo and Neverland Angel (which they took over from Unicredit and Commerzbank), having already sold them to third parties.

Nobody disclosed the name of the company holding these loans, however if the ships' technical management was transferred Latvian Shipping Company, Vitol might be playing a leading role in these ships' future.

Nicola Capuzzo

TAG : Tanker