ISH, based in Mobile, Alabama, recently told stakeholders in its New York bankruptcy that the deal with the Tokyo shipping giant is in the process of being finalised. It could involve “up to four” PCTCs.
ISH controls the 6,000-car-equivalent-unit (ceu) Green Ridge (built 1998), 6,400-ceu Green Bay (built 2007), 5,980-ceu Green Cove (built 1999) and 5,980-ceu Green Lake (built 1998).
ISH will bareboat charter the PCTCs so they can continue to operate under the US flag with US crew members.
No price tag has been revealed but Akin, Gump, Strauss, Hauer & Feld lawyer David Botter, representing ISH, has told the court that it will generate $15m in cash.
He also said the agreement is subject to a number of conditions, including approval from Seacor Holdings, the US shipowner that will take over the core business of ISH as part of the restructuring.
Conditional deal
The deal also requires approval from US officials for the vessels to continue in the Maritime Security Program, which provides an annual stipend to participating shipowners to defray the cost of operating under the US flag.
Meanwhile, US Bankruptcy Judge Stuart Bernstein has approved the sale of an ISH multipurpose ship to Norwegian owner Oslo Bulk, which has it on charter.
The 13,000-dwt Oslo Wave (built 2000) was sold for $3.3m.
Lender Capital One will receive $2.05m of the cash after the bank sought clarity over how much of the sale would go towards paying off the ship’s mortgage.
