Debt Problems and Losing Control

Troubled shipowner TMT, a company which has been wrestling with financial problems and high profile seafarer abandonments has seemingly ceded control of one of its ships to the bank.

Bankruptcy proceedings against TMT have been taking place and the Judge has reportedly granted a request from Macquarie Bank to take control of the car carrier “A Ladybug”, according to court documents.

Following the Texas court decision the bank will enlist Fleet Ship Management to take over the technical management of the 2011-built vehicle carrier.