The shipping industry is facing a significant decrease in demand and freight rates due to movement and trade restrictions, along with ongoing issues such as port closures and crew changes. Moreover, uncertainties like fuel prices, geopolitical tensions and environmental concerns add to the industry's challenges, which are further compounded by rising interest rates and inflation.??
Consequently, we are witnessing a surge in demand for our services to assist clients in overcoming these challenges and achieving their desired outcomes. Grant Thornton Offshore has extensive experience in safeguarding and recovering high-value trophy assets associated with, and including, luxury and mega yachts.?
In recent years, #GTOffshore has been involved in high-profile maritime cases, utilising our market leaders in insolvency, investigation, dispute resolution, asset recovery and restructuring services. Our team of experts create a bespoke global strategy tailored to meet clients' unique needs supported by language skills, sub-sector experience and geographical presence.?Our work includes:?
- Appointed by European Investment Bank as Receivers of the shares of a BVI Company, which owned an 80 metre mega yacht in Europe. The goal was to secure and protect the asset with the intention of monetising it to return value to the secured creditor. The recovery strategy involved changing the board of directors, securing the asset and engaging a sales agent to negotiate with interested parties. The project management and cross-border insolvency experience of the team, with input from local advisers, helped to achieve the outcome.?
- The Deposit Insurance Agency (DIA) enforced a worldwide freezing order and default judgment against a Russian individual, including their sole ownership of a yacht.
John Royle
and
Mike Saville
were appointed as Receivers over the company owning the yacht, the shares in that company and the yacht itself to realise value for the vessel and return the proceeds to the DIA. The team appointed independent directors, coordinated with Turkish port authorities, retained specialist yacht surveyors, implemented a sales strategy, defended multiple arrest attempts, obtained specialist marine insurance and established trust with the local shipyard. The case demonstrates the value of independent directors and a court-driven receivership appointment.?
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Grant Thornton UK
were instructed to assist the claimant in their quantum calculation in an International Arbitration involving a dispute between a Korean shipbuilder and a Brazilian oil and gas company regarding late delivery of two semi-submersible oil rigs. The case involved separate arbitrations in London and New York.??
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Grant Thornton Ireland
Partner
Nicholas O'Dwyer
was appointed to act as Liquidator of Fast Shipping (Ireland) Ltd. The principal activity of the company was the provision of stevedore services at Drogheda Port, other services included ship agency, cargo handling, logistics and the management of vessels in and out of Drogheda Port. The company was facing severe financial difficulties and following a decision by its shareholders, the company entered liquidation in May 2021. Our team traded the company for a number of months in order to preserve its goodwill value,? which resulted in the successful sale of the business as a going concern, this also allowed the liquidator to achieve the best outcome for the creditors.?
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Grant Thornton Singapore
partners
Paresh Jotangia
and
Seshadri Rajagopalan
were appointed as Judicial Managers of a holding company and four of its vessel-owning subsidiaries. They were also appointed as Judicial Managers for over 30 vessel-owning subsidiaries with lenders' support. The team traded or sold the vessels before placing the subsidiaries in liquidation, preserving their value for creditors. The case management involved multiple stakeholders, including previous management, lenders, trading agencies, buyers and traders, and regulators. At the time of appointment, the total debt size was US$643 million. So far, US$533 million of secured debt has been repaid, and the engagement remains ongoing with the aim of maximising the realisation of assets for distribution to creditors.?
#GTOffshore have worked on various other shipping matters, including losses resulting from wrongful sanctions, breaches of contract, and wrongful termination of joint ventures. Not only do our teams navigate the unique challenges of the industry and achieve the best possible outcome for their stakeholders they also have a true appreciation of the practicalities on the ground as well as the deck!?
#Shipping #Yacht #AssetRecovery ?
