SeaDebt Management is a new company based in London, England, providing debt-collection services for global shipping. According to the principals of the new venture, securing payment for goods or services in that sector can be difficult, especially when the debtor has few assets or can't be pursued in a cost-effective manner through normal litigation. SeaDebt said it is already in the process of collecting debts on behalf of companies working in a wide range of related business sectors, including bunker supply and tank container operations. The company expects bunkers to be a strong source of new business. Some bunker suppliers are demanding pre-payment before delivery, it noted, but that option is not available to all, and some bills will inevitably go unpaid until the owners are faced with a ship arrest or similarly drastic measure. SeaDebt is being managed by a team of specialists under the direction of Paul Johnson, formerly with the International Transport Intermediaries Club.

Read Full Article