PRESS INFORMATION
4 November 2009
SeaDebt, a new maritime debt collection company, makes a timely debut
A new company, SeaDebt Management, has been established in the City of London to provide debt collection services on a global basis. Backed by a group of City investors, SeaDebt is managed by a team of specialists under the direction of Paul Johnston, who was formerly with the International Transport Intermediaries Club (ITIC). The SeaDebt team has over 25 years’ experience in providing maritime-related debt collection services.
Demand for debt collection services has never been stronger, explains Mr Johnston:
“In a global business such as shipping, securing payment for goods or services can often be difficult, especially when the debtor has little in the way of assets or can’t be pursued cost-effectively through normal litigation. In today’s economic environment, when so many companies are struggling to stay in business, the problems associated with non-payment of debt inevitably increase.”
In the first few weeks of operation, solely through personal contacts and its fast-growing network of P&I club correspondents and lawyers around the world, SeaDebt has received a significant number of enquiries from companies as far afield as India, Brazil and Turkey. It is already in the process of collecting debts on behalf of companies working in a wide range of business sectors including bunker supply and tank container operations.
According to Mr Johnston, the case of the tank container operator highlights the problems many people have in securing payment:
“This client hired out a tank container to a freight forwarder that has little in the way of assets. This is of course is quite typical. Many forwarders operate out of rented offices with just a handful of staff yet can be handling substantial sums of money.
Cont’d…/2
-2-
“Even if the tank container can be recovered, the associated expenses may be high especially if there is a need for repositioning, cleaning and repair before it can be used again.
“In this particular case, we are optimistic about being able to recover the hire costs and of obtaining a contribution towards expenses.”
Two other cases involve South American ship suppliers who are chasing owners for non-payment. Another involves an Indian bunker trader, which is owed around $142,000 for bunkers ordered by a charterer. In such instances, SeaDebt will sometimes seek to arrest vessels if the charterers/owners continue to ignore requests for payment.
The supply of bunkers is a particularly risky business and one that is likely to be a source of much new business, says Mr Johnston:
“Many shipowners are experiencing major cashflow problems at the moment and as has been widely reported, some very well-known names are amongst them. It is hardly surprising that some bunker suppliers are demanding pre-payment before delivery. However, in a competitive business, this is not an option that is available to all and inevitably some bills will go unpaid until the owners concerned are faced with the reality of a ship arrest or whatever else it takes to secure payment.”
For those companies experiencing problems getting paid, Paul Johnston can be contacted at:
For further information, please contact David Cheslin of Dunelm Public Relations
on +44 (0) 207 345 5233. E-mail: davidcheslin@dunelmpr.co.uk.
| Issued by:Dunelm Public Relations Ltd
Docklands Business Centre 10 Tiller Road London E14 8PX United Kingdom Tel: +44 (0) 20 7345 5232 Fax: +44 (0) 20 7345 5234 Email: info@dunelmpr.co.uk Website: www.dunelmpr.co.uk
|
Issued on behalf of: SeaDebt Management
68 Lombard Street London EC3V 9LJ United Kingdom Tel: + 44 (0) 20 7868 1890 Fax: + 44 (0) 20 7868 1800 Mobile: + 44 (0) 7905 273586 Email: collections@seadebt.com Website: www.seadebt.com
|