Two bulkers in the fleet of defunct Greek shipping company Probulk Shipping & Trading have ended up in Pakistani scrapyards.
Their arrival at Gadani follows a demolition deal that apparently benefits a single set of creditors and leaves others mulling how to recoup their money.
The 45,700-dwt Ptolemeos (built 1995) and 46,700-dwt Arybbas (built 1996) have been sold for demolition in Pakistan at an undisclosed price, brokers in Athens and London said in recent days.
That chimes with information reported by TradeWinds last month that a sale had been arranged for the two vessels, which had been abandoned in Djibouti by their former Greek owner.
The episode had caused outrage in Greece. It also sparked protests from the West of England protection and indemnity club, which accused Djibouti of treating the crew members as "hostages" to secure local port authority claims against the shipowner.
Following the sale, the government of the Red Sea state released all remaining crew members.
The two ships had a combined scrap value of nearly $7m at the presumed time of sale in November or December, according to estimates by VesselsValue.
That does not even cover a $10m debt owed to a single creditor of Probulk — a Greek bank that TradeWinds is told had no part in the sale agreement and that is considering the legal steps it can undertake to secure its claim.
The Greek lender may not be the only one to do so. The International Group of P&I Clubs has accused authorities in Djibouti of attempting to arrange a sale outside the courts for the benefit of local interests, over the heads of the West of England and seven other legitimate creditors.
The demolition of the two ships seems to be the final chapter in the history of Probulk, a company founded in 2014 by Alexander Tsakos. He is the son of the late Elias Tsakos, who led predecessor company Entrust Maritime and who died in April 2015.
As of 2017, Probulk was listed with a fleet of five bulkers built between 1995 and 2001. All of these vessels have now gone. In June, another Probulk ship — the 45,700-dwt Elisseos (built 1995) — emerged in the managed fleet of Greek peer Monte Nero Maritime under the new name Dona V.
Probulk’s office at the seaside Athens suburb of Moschato has been abandoned. Company managers did not respond to a request for comment on the ships' reported scrap sale.
