Eastwind Maritime declares bankruptcy, to liquidate

Ocean carrier Eastwind Maritime Inc. said Wednesday it is filing for bankruptcy and plans to liquidate its assets, which includes a sizable fleet of fruit carriers, freezer vessels, bulk carriers and product tankers, Reuters reported.
  

The company, along with 50 affiliates, filed for Chapter 7 in a New York court and said in a statement it did not intend to restructure but rather to liquidate its assets.
  

Among Eastwind’s most notable business partners is Chiquita Brands International, which in 2007 sold Eastwind 12 vessels and chartered them back on long-term contracts.
  

In a statement, Chiquita said it “does not expect the bankruptcy filing by Eastwind Maritime Inc. and certain of its affiliates to adversely affect service to Chiquita's customers and the delivery of its bananas and other fresh fruit products.”
  

Eastwind transported about 70 percent of Chiquita bananas shipped to core markets in Europe and North America, Reuters reported.
  

"We are taking appropriate steps to protect Chiquita's interests under these long-term charters," said Waheed Zaman, senior vice president, product supply organization at Chiquita. "While Chiquita's shipping operations represent only a comparatively small part of Eastwind's business, we have been monitoring developments closely and are working with the other parties involved in the chartering relationships to help assure ongoing and timely service to our customers."
  

Eastwind’s vessels were registered in the Marshall Islands.

 

(Source: American Shipper)