Parbulk 2, a Norwegian K/S (limited partnership) company led by Wilh Wilhelmsen interests, continues to pursue a $32m claim against Indonesia’s Humpuss Intermoda Transportasi for allegedly defaulting on a bulker charter.
Company chairman Christian Due, who is also managing director of Wilhelmsen private holding company Skibs AS Tudor, the case is still ongoing in Indonesian courts.
“We will never give in. If we are patient, I am confident we will succeed in the end,” he said.
Wilh Wilhelmsen has long alleged that Humpuss stopped paying on the 70,000-dwt Mahakam (built 1996) after 18 months.
Tudor was managing owner of the Mahakam and had a 20% stake in the ship, which was on a five year bareboat charter to Humpuss at $38,500 per day from December 2007. The ship was sold for scrap in November 2015.
Meanwhile, Tudor has reported an annual earnings report that shows it logged pre-tax profit of NOK 134m ($16.7m) last year, down from NOK 245m in 2016. The book equity stood at NOK 2.29bn at the end of 2017.
Its financial performance continues to vary with the share price of its main asset, a 19.1% in Oslo-listed car carrier operator Wilh Wilhelmsen Holding.
Tudor otherwise has a diversified investment portfolio, with financial investments, real estate and shipping.
Smaller shipping portfolio
The company's shipping investments have reduced somewhat, but it is also a shareholder in Western Bulk, the Hunter group and ADS Crude Carriers.
Tudor did not pay dividends last year.
Due said it is too early to say how the company looks set to perform in 2018.
Tudor was set up in 1953 and is chaired by 81-year-old shipowner Wilhelm Wilhelmsen. Thomas, his son, is chief executive of the Wilh Wilhelmsen Group.
