1.SINGAPORE/UK/INTERNATIONAL:
At earlier this week Hallin staff town-hall meeting,
parent company Superior has decided to give up on sale efforts and instead will close down and liquidate operation. Both Singapore and Aberdeen offices will close and staff have all been served redundancy notices. Some staff have already been let go with immediate effect. Hallin controlled vessels and assets will all be sold off. Sale of Altus Invictus (ex Kendal) is already thought in progress. Vessel is bareboat chartered to MEDS and that arrangement does include purchase option. Of other Hallin vessels only one Windermere is out-right owned. Ullswater is on sale and leaseback deal from Platou and Carlisle is on similar arrangement with Pareto. In theory Ullswater and Carlisle could just be returned to owning companies. By end this year Hallin is expected to be completely closed down and some staff are being retained to manage that shut down process. Hallin was still recently thought to be turning over $200 million per annum.
Superior has made no formal comment on decision.
At earlier this week Hallin staff town-hall meeting,
parent company Superior has decided to give up on sale efforts and instead will close down and liquidate operation. Both Singapore and Aberdeen offices will close and staff have all been served redundancy notices. Some staff have already been let go with immediate effect. Hallin controlled vessels and assets will all be sold off. Sale of Altus Invictus (ex Kendal) is already thought in progress. Vessel is bareboat chartered to MEDS and that arrangement does include purchase option. Of other Hallin vessels only one Windermere is out-right owned. Ullswater is on sale and leaseback deal from Platou and Carlisle is on similar arrangement with Pareto. In theory Ullswater and Carlisle could just be returned to owning companies. By end this year Hallin is expected to be completely closed down and some staff are being retained to manage that shut down process. Hallin was still recently thought to be turning over $200 million per annum.
Superior has made no formal comment on decision.