Struggling German multipurpose (MPP) operator Zeamarine Group is to lose more ships after filing for court protection.
The Bremen-based multipurpose (MPP) operator is spinning-off its US-based liner business and transferring another 10 multipurpose vessels to new commercial managers in Germany.
Zeamarine’s former Americas liner operation will revert to operating as a separate company under the Intermarine banner, the name of the company with which Zeaborn merged its MPP operations in 2018 to form Zeamarine.
The Houston-based operation is headed by Richard Seeg, a 20-year veteran who for the past 18 months has been the head of Zeamarine in the Americas.
Similarly, the commercial management of another ten MPP vessels is being transferred to a separate unit operated by HC Chartering, a Hamburg-based operation which became part of the Zeaborn group in 2016.
Court protection
Zeamarine confirmed on Monday that many of its German businesses had been placed into the hands of German administrators.
Booking and operational offices of Zeamarine Bremen, Zeamarine Germany, and Zeamarine Chartering, operate under court supervision in order to obtain creditor protection, the company said in a statement.
The move could herald the end for Zeamarine, which until December 2019 remained one of the three largest MPP operators with a fleet of 85 vessels.
Since then, it has been headed by Sven Lundehn, a financial restructuring expert who has a track record of working with troubled KG (limited partnership) shipping companies.
Lundehn took the reins following the sudden ousting of Jan-Hendrik Tobbe, managing partner and co-founder of holding company Zeaborn.
The unravelling of the Kurt Zech-sponsored Zeamarine followed months of rumours that the company was losing significant amounts of cash every month.
Much of the Zeamarine fleet has since already been handed to a handful of selected shipping companies.
In January, nine eco-friendly F-900-type MPP newbuildings were given by their owners to new management.
The 14,000-dwt vessels, delivered in 2018 and 2019, will be employed by Lars Rolner-controlled United Heavy Lift (UHL).
Intermarine relaunch
The unbundling of Zeamarine's MPP activities has also led to the reemergence of Intermarine, which was for many years was one of the famous names in the MPP sector.
The Intermarine brand disappeared in 2018 following a merger with Zeaborn Chartering to form Zeamarine.
Zeamarine subsequently operated tramp services, a round-the-world (RTW) service formerly operated by Rickmers Linie, and the Americas liner services formerly operated by Intermarine.
The new-look Intermarine has begun loading from Houston this month using several small MPP ships on services between North America, the Caribbean and South America.
It will use vessels ranging from 6,000-dwt to 10,000-dwt each with a combined crane lifting capacity of between 120 and 300 tonnes.
The ships were formerly operated by Zeamarine, including the 8,500-dwt Zea Color (built 2018).
Steeg told TradeWinds that the decision to relaunch Intermarine reflected a shift away from global towards more regional sources of cargoes.
Some parts of the Zeaborn operation remain unaffected by the restructuring. That includes the shipmanagement arm Zeaborn Ship Management Group and its part-owned shipbroking division Harper Petersen.
