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.
"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:
SeaDebt Management
68 Lombard Street
London
EC3V 9LJ
United Kingdom
Tel: + 44 (0)20 7868 1890
Fax: + 44
(0)20 7868 1800
Mobile: + 44 (07905 273586
www.seadebt.com
For further information, please contact David Cheslin
of Dunelm Public Relations on +44 (0) 207 345 5233. E-mail:
davidcheslin@dunelmpr.co.uk. |
