Lykes Countdown and Other News

Lykes may not last the first quarter, at least if the current attitude among some of its major lending parties does not soften. Lykes’ use of Chapter XI to try to keep its newbuilding finance in place at the expense of its other creditors – coming on the heels of several other equally outrageous financial collapses – has driven some of the industry’s more serious players to say enough is enough. Criticism of less than corporately professional shipping practices is on the rise, and Lykes – American, old line as it is – appears unlikely to be spared.

Ole Skaarup, Chairman and founder of Skaarup Shipping Corporation, announced he would step down as CEO of the Skaarup Group of Companies effective December 31, 1995. Dr. Skaarup guided the company for over forty five years, establishing during that period a reputation for innovative and creative solutions to bulk shipping challenges. Clients included National Gypsum, US Steel, the oil majors and many other industrial giants. Frank Parker will succeed Dr. Skaarup as CEO. John Stocker, former Head of the US Shipbuilder’s Council and currently President of two Skaarup shipbuilding companies, will become a Director in the company. Dr. Skaarup remains Chairman of the Board.

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