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got a spare $300 million?


seb530

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Aren't ships COOL!!

 

Several years ago (post 9/11 tourism crash) we were in Barbados and "European Vision" - today's MSC Armonia was moored 'under arrest' off the breakwater. The ship was relatively new but its owners were in default under its loans and creditors had chased it down in Barbados - repo on the 'high seas'. You'd be amazed how many stolen or otherwise 'under chase' cargo ships are out there operating as 'tramp steamers'. Maritime insurers are working constantly to apprehend them.

 

http://www.lawcourts.gov.bb/LawLibrary/events.asp?id=438

 

Ships can be bought on the 'cheap' too. Regal Empress had just undergone a $750,000 engine overhaul when Regal went into bankruptcy. Imperial Majesty bought her out of bankruptcy for little more than the amount due on the engine overhaul and operated her for several years. Commissioned in '52, she was the oldest liner calling in the US before going to the breakers a couple years ago due to SOLAS mandates (too much wood paneling). I cruised her and while IM is no contender in the ranks of cruise lines, the 20,000 ton ship, although old, had some interesting and charming aspects.

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