Flinter Shipping forced into receivership

Dutch owner faces uncertain future as ING refuses to renew financing for nine ships.

Flinter Shipping has been caught by surprise after ING Bank cancelled the refinancing on some of the company’s vessels and put them up for sale.

The Dutch multipurpose owner said ING was not willing to renew the financing of nine ships and forced the company into court receivership.

In subsequent meetings between the two parties, Flinter tried to avoid the auctioning of its assets.

Flinter asked the bank more time to develop a plan to sell the vessels.

But ING was quick to let the company know that all loans are being called.

Flinter said: “We are extremely sad about all this. In our opinion there are only losers: our staff on shore and on the vessels, the owners of the vessels and Flinter, the many partners and suppliers that support the vessels in recent years with better payment terms.

“It is also expected that the bank will lose millions.”

According to Clarksons, Flinter controls a fleet of 39 ships built between 1996 and 2013.

“Despite all emotions, we will continue to act professionally and transparent to all parties. After eight years of fighting hard it is sad that our journey ends here,” Flinter added.