Chemteam Packs Up After Financial Problems

The lifespan of the ill-fated Chemteam Tanker has come to an end after just over a year’s trading. Managing director Per Hahn told Marine Money, “We have decided to cease trading, following losses sustained during the poor markets, and in view of the uncertain prospects ahead. We are anxious to ensure an orderly dissolution of the business because, if we continue, there is a danger that the company could go down the drain. The company is in the process of completing voyages and discharging cargoes.”

Chemteam was set up in 1990 as a chemical tanker venture by Hahn and Alan Milligan, both former executives with Stolt Nielsen. However, the controlling owners are the Norwegian chemical tanker group, Arnt J. Morland, Cob Shipping of Canada and Seapartners. The company shot to prominence with plans to buy 12 ships from Greek owner Adriatic Tankers for $140m. But the deal was never consummated, and Chemteam opted for chartered tonnage instead. With the exception of the 22,000 dwt Orkanger, the six ship fleet now consists entirely of ships of around 10,000 dwt. They include two Russian controlled vessels built in Spain and directly owned by Cypriot domiciled companies. Two of the vessels have been covered by contracts of affreightment, but most have been exposed to the disastrous spot market for petrochemicals, which may have contributed to the company’s early demise.

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