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Source: The Times
In South Africa, lawyers can seize the assets of bankrupt or defaulting firms.
South African harbours are rapidly becoming maritime graveyards as growing numbers of ships are grounded by the global recession.
The vessels, all foreign owned, are now collecting water, rust and seagulls as their owners’ financial difficulties mount.
Transnet this week confirmed there are at least 15 vessels under “arrest” and therefore stranded at South Africa’s main ports.
One of the biggest is the bulk carrier Pacific Yuan Geng, which is causing major problems at Saldanha in the Western Cape, where the abandoned crew is fast running out of food and water. Saldanha harbour master Captain Peter Stowe said: “It is becoming a real issue for us. It’s a big bulk carrier, it’s not so easy just to get rid of it.”
The Pacific Yuan Geng is 280m long, has a gross tonnage of 91657 and a crew of between 25 and 30, Stowe said.
A second vessel at Saldanha was arrested three times before finally exiting the port last week.
Arrested ships are a particular problem in South Africa where it is easier for lawyers to seize the assets of bankrupt or defaulting companies. The number of such cases affecting South Africa has also risen due to recent legal obstacles for claimants in New York, where it was previously possible to obtain attachment orders in lieu of payments.
The most recent spate of arrests are a symptom of serious economic woes for shipping companies thanks to the global economic downturn, according to maritime law experts Shepstone & Wylie.
“It is a problem. In the last recession we had sometimes 10 ships under arrest in Durban, which clogged it up,” said partner Shane Dwyer.
“In the end the port went to court and got a ruling that they were entitled to move the ships off working berths. Now if the port says the port is congested, then the sheriff has to decide whether to send vessels to the outer anchorage and put guards on them, to make sure they don’t make a run for it.”
Prior to the recession, soaring demand in Asia for raw materials such as coal and steel had prompted a major shipping boom, with freight rates soaring to 130000 a day for large bulk carriers.
Dwyer said: “The (freight) rate for these ships just went through the ceiling and owners were buying new ships and building new ones like there was no tomorrow. Then suddenly — boom! — China shuttled back, so did India, and America stopped buying their manufactured goods.”
Many shipping companies have traditionally attempted to dodge liability by creating separate companies for individual ships. However, this loophole does not apply to the South African jurisdiction, where the law allows creditors to apply for the arrest of so-called associated ships.
South African ports are therefore tough territory for rogue companies, many of whom are obliged to use the longer route around the Cape to Asia as their vessels are too big for the Suez canal, or because they fear piracy around the Horn of Africa.
National Ports Authority spokesman Mandisa Mashego said Transnet was working closely with all affected parties to resolve shipping bottlenecks. She said the problem especially affected larger ports such as Durban, which handled more than one million containers a year (about 60% of the national total) and accommodated close to 5 000 ships.
Some arrested ships can be stranded in port for years, leading to logistical and safety concerns.
jordanb@sundaytimes.co.za
South African harbours are rapidly becoming maritime graveyards as growing numbers of ships are grounded by the global recession.
The vessels, all foreign owned, are now collecting water, rust and seagulls as their owners’ financial difficulties mount.
Transnet this week confirmed there are at least 15 vessels under “arrest” and therefore stranded at South Africa’s main ports.
One of the biggest is the bulk carrier Pacific Yuan Geng, which is causing major problems at Saldanha in the Western Cape, where the abandoned crew is fast running out of food and water. Saldanha harbour master Captain Peter Stowe said: “It is becoming a real issue for us. It’s a big bulk carrier, it’s not so easy just to get rid of it.”
The Pacific Yuan Geng is 280m long, has a gross tonnage of 91657 and a crew of between 25 and 30, Stowe said.
A second vessel at Saldanha was arrested three times before finally exiting the port last week.
Arrested ships are a particular problem in South Africa where it is easier for lawyers to seize the assets of bankrupt or defaulting companies. The number of such cases affecting South Africa has also risen due to recent legal obstacles for claimants in New York, where it was previously possible to obtain attachment orders in lieu of payments.
The most recent spate of arrests are a symptom of serious economic woes for shipping companies thanks to the global economic downturn, according to maritime law experts Shepstone & Wylie.
“It is a problem. In the last recession we had sometimes 10 ships under arrest in Durban, which clogged it up,” said partner Shane Dwyer.
“In the end the port went to court and got a ruling that they were entitled to move the ships off working berths. Now if the port says the port is congested, then the sheriff has to decide whether to send vessels to the outer anchorage and put guards on them, to make sure they don’t make a run for it.”
Prior to the recession, soaring demand in Asia for raw materials such as coal and steel had prompted a major shipping boom, with freight rates soaring to 130000 a day for large bulk carriers.
Dwyer said: “The (freight) rate for these ships just went through the ceiling and owners were buying new ships and building new ones like there was no tomorrow. Then suddenly — boom! — China shuttled back, so did India, and America stopped buying their manufactured goods.”
Many shipping companies have traditionally attempted to dodge liability by creating separate companies for individual ships. However, this loophole does not apply to the South African jurisdiction, where the law allows creditors to apply for the arrest of so-called associated ships.
South African ports are therefore tough territory for rogue companies, many of whom are obliged to use the longer route around the Cape to Asia as their vessels are too big for the Suez canal, or because they fear piracy around the Horn of Africa.
National Ports Authority spokesman Mandisa Mashego said Transnet was working closely with all affected parties to resolve shipping bottlenecks. She said the problem especially affected larger ports such as Durban, which handled more than one million containers a year (about 60% of the national total) and accommodated close to 5 000 ships.
Some arrested ships can be stranded in port for years, leading to logistical and safety concerns.
jordanb@sundaytimes.co.za
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