Nyheter for The Containership Company ASA

TCC ASA subsidiary TCC A/S files for bankruptcy in Denmark

Company news

2011-12-11 15:21:43

Upon the recommendation of Bech Bruun, acting as "Rekonstruktør", it was decided by the board of directors in The Containership Company A/S (TCCAS) to file for bankruptcy in Denmark in accordance with the Danish bankruptcy rules.

This decision was supported by the board of directors in The Containership Company ASA (TCCASA) in Norway.

Under the current rules for "Rekonstruktion" in Denmark, it was not possible for Bech Bruun as "Rekonstruktør" to challenge / adjust unreasonable claims from creditors of TCCAS but under the Danish bankruptcy law it will be possible for Bech Bruun as the appointed trustee to challenge and adjust such unreasonable claims.

Filing for bankruptcy of TCCAS in Denmark in accordance with Danish law will not have any effect on the balance sheet of TCCAS nor effect the ongoing efforts to recover outstanding claims for MQC shortfalls now in process in New York, USA.

Furthermore, filing of bankruptcy of TCCAS in Denmark will not effect the potential for dividend being paid to creditors in TCCAS or to the shareholders of TCCAS, once all creditors have been paid.

TCCASA in Norway is a major creditor and it is still expected that TCCAS will be in a position to pay all creditors in full upon recovering the outstanding liquidated damages and upon adjustment of unreasonable claims from other creditors.

TCCASA in Norway controls 100% of the shares in TCCAS in Denmark.

As per today, TCCASA continue as a going concern with 2 chartered vessels, both employed in a sublet charter to MSC at a positive contribution margin.

TCCASA retains options to extend these 2 vessels at charter rate levels currently "out of the money".

The offices of the subsidiary TCCAS in Denmark and Singapore have been closed and all staff has been released.

The activities of TCCASA in Norway is now reduced to managing the remaining 2 charter vessels.

All but a very few of the container lease boxes have been redelivered and leasing companies have secured new leases on all boxes.

TCCAS in Denmark is now in the process of reviewing claims from leasing companies in order to adjust such claims for any potential gains by the leasing companies (i.e. For the nett claim to reflect "actual loss" only).

After trimming the organization in Oslo, TCCASA is operating with a positive cash flow.

TCC Extraordinary General Assembly

Company news

2011-11-07 17:18:47

The Board of Directors convenes an Extraordinary General Assembly of The Containership Company ASA to take place on Thursday 24th November 2011 at 12.00 noon at the company's offices at Strandveien 50, 1366 Lysaker.

Registration from 11.30 am.

The formal invitation dated 2 November, 2011, attached, was distributed by mail and will be available on www.containership-company.com

TCC ASA subsidiary TCC A/S Protected under Chapt. 15

Company news

2011-07-14 14:31:24

In order to protect the assets of the danish subsidiary TCC A/S (under reconstruction) in USA, the Reconstructor Bech Bruun, through US counsel, filed a Chapter 15 petition with the Federal Bankruptcy Court (Southern District of New York).

On July 1, 2011 the court entered a recognition order, recognising the Danish reconstruction rules.

Bech Bruuns press release in this respect is attached.

TCC 2010 Financials & General Assembly

Company news

2011-06-22 17:22:05

TCC Group Financial for 2010

The consolidated TCC ASA 2010 financials can now be downloaded from the company website www.containership-company.com in pdf-format.

Notice convening the ordinary general assembly can also now be downloaded in pdf-format from the company website.

TCC delivers "Taicang Dragon"

Company news

2011-06-15 09:10:57

TCC has delivered the mv. "Taicang Dragon" to the Buyers as per agreement for sale of the vessel.

TCCO: The Containership Company ASA - Reconstruction Plan

Company news

2011-05-20 09:09:03

TCCO: The Containership Company ASA - Reconstruction Plan

Company news

2011-05-20 09:05:47

“We refer to the latest information given to the market on April 8, 2011.

Following the decision on April 8 to file for “Reconstruction” of the Danish subsidiary TCC A/S in Denmark, Bech Bruun / Adv. Jørgen Hauschildt was appointed as “Reconstructor” (see www.bech-bruun.com ).

The Reconstructor of TCC A/S has now prepared a reconstruction plan (see attached PDF files) and “Sø- og Handels-retten” (commercial court) in Copenhagen has approved for the Reconstructor to proceed in accordance with this plan.

Following the filing for Reconstruction of TCC A/S in Denmark, all vessels operated by TCC A/S in Denmark under an assignment of charter were taken back by TCC ASA in Norway who has now arranged for all vessels to be discharged and subsequently arranged for 3 vessels to be employed in a sublet charter to MSC at cost + a margin and arranged for 2 vessels to be redelivered to original Owners who have fixed an alternative employment.

The administration in Norway has been reduced to a minimum and TCC ASA is now in a situation where the forward income from sublet vessels is expected to be sufficient to cover cost of ongoing operations, while the reconstruction process for TCC A/S in Denmark is being completed.

Part of the reconstruction plan calls for a sale of the vessel “Taicang Dragon” (2,500 TEU / Built 2008) which is owned by a 100% controlled subsidiary of TCC A/S in Denmark and TCC has now entered into a firm agreement to sell this vessel for USD 32.2 million net basis prompt charter free delivery.

All leased containers have been released to the leasing companies who are now in the process of arranging pick up of the boxes in the terminals and depots. The potential mitigated claim from the leasing companies for redelivery of the containers is not yet known but in general the leasing companies are getting the containers back into a lease container market which is significantly stronger today compared to the lease rates in TCC´s contracts.

TCC ASA’s main assets are its claims against and ownership of TCC A/S in Denmark. Thus, completing the Reconstruction of TCC A/S in Denmark in accordance with the reconstruction plan attached will be the main focus of TCC ASA in the near term.
Based on above, the Board of Directors have decided to end the suspension period, thus trading of the TCC share can commence as usual”

TCCO: The Containership Company ASA - Stock suspended from trading

Company news

2011-04-17 22:12:14

This message is published by the Norwegian Securities Dealers Association:

Due to the current status of The Containership Company and the ongoing restructuring process the stock has been suspended from trading until further notice from the company.

TCC to focus on Containership Assets

Company news

2011-04-08 12:58:13

TCC ASA, Norway has decided to file for "re-construction" of the Danish subsidiary TCC A/S to secure all possibilities for TCC A/S in Denmark to meet their obligations related to the liner operations in TCC A/S.

TCC A/S in Denmark will undergo re-construction process in accordance with the Danish law and TCC A/S has appointed lawfirm Bech Bruun to advise on the re-construction (www.bechbruun.com).

Following the "re-construction" TCC A/S in Denmark will cease to run liner operations and TCC ASA in Norway will remain focused on containership asset play in managing owned & chartered ship(s).

Going forward TCC ASA in Norway will manage 1 owned 2,500 TEU geared vessel and 5 x 3,000 TEU time-charter vessels.

All vessels charter in rates are significantly below current market rates and TCC ASA holds options to extend the charters until 2013 as well as options to purchase 3 of the 3,000 TEU vessels.

TCC Cargo Volumes

Company news

2011-04-06 09:06:15

The cargo volume shipped out of TCC's main port Taicang in China has not been as anticipated, primarily due to the competitive situation between chinese ports.

In addition, shippers have not met contractual cargo volumes committed (MQC) under the 2010/11 season service contracts.

As a result the basis for continuing ordinary operations has changed materially and the Board of Directors and the management of TCC have initiated investigations into alternative operating models for the continuation of TCC.

TCC Preliminary 2010 Financials

Company news

2011-03-07 12:05:53

TCC Preliminary 2010 Financials

The preliminary financials per 31/12-2011 are now available in the attached file.

TCC launched the "Great Dragon" service on April 17, 2010 after having raised the required capital in March 2010.

TCC declares purchase option for mv. "Taicang Dragon"

Company news

2011-01-17 09:40:37

The Containership Company (TCC) has now declared the option to purchase mv. "Taicang Dragon" (2,500 TEU / Geared / Built 2008) for USD 28.8 million.

Delivery is planned to take place in the course of March 2011.

TCC signs loan agreement for "Taicang Dragon"

Company news

2010-12-30 17:14:12

TCC has today entered into a loan agreement with DVB Bank which will enable TCC to declare the option to purchase the mv. "Taicang Dragon" (2,500 TEU / Geared / Built 2008) for USD 28.8 million. The current market value of the vessel is estimated to be in excess of USD 35 million.

TCC has closed sale / lease back of containers

Company news

2010-12-29 12:39:41

TCC has now closed the sale of owned containers with clients of Florens. The containers were sold for USD 9.3 million and will be leased back for 8 years with TCC´s option to re-purchase the containers at the end of the lease.

TCC June 30 2010 Accounts

Company news

2010-09-02 10:48:49

TCC June 30 2010 Accounts are now available on the website www.containership-company.com [about / investor relations].

TCC used less working capital than expected to launch "Great Dragon Service".

Sale of TCC owned containers is in progress and transaction expected to close within October / November 2010.

TCC has upgraded average ship size to about 3,000 TEU per vessel and included Ningbo in the rotation on the Great Dragon Service from September 10 / onwards at the request of shippers. The new vessels are more energy efficient than the previous 2.500 TEU vessels deployed on the Great Dragon Service.

3 out of TCC´s 8 ships have been relet into the market at a profit until needed for launch of new string(s).

With significant new ship capacity being delivered from Shipyards in later part of 2010, TCC expects to see new opportunities to secure long-term control over containership assets to further expand services.

On the back of current financial position, TCC continue to evaluate the opportunities for launching additional string(s) still within 2010.

Outlook for box-rates in the Pacific trades is very uncertain due to significant new capacity coming into the market causing cargo volumes out of Taicang also to be more volatile.

Supply of new capacity into the Pacific trades can also negatively affect the operating result for TCC.

Board of Directors elected at Ordinary General Meeting today

Company news

2010-06-21 15:33:04

At the ordinary general meeting today, the following persons were elected to constitute the board of directors:

Mr. A. Alexander Wilhelmsen
Mrs. Naja Dannow
Mr. Jesper Kjædegaard

Minutes from TCC´s ordinary general meeting are now available on our website www.containership-company.com under "about" / "investor relations".

At the ordinary general meeting, management represented by Jakob Tolstrup-Møller (CEO) provided following general information about current status of TCC:

- TCC is now generating sufficient cash-flow from "Great Dragon Service" to cover operating expenses.
- Operating result for the period 17 April, 2010 to 30 April, 2011 (contract season 2010/2011) is expected to be in the region of USD 6.5-7.5 million.
- About USD 10.5 million of working capital has been used to launch "Great Dragon Service".
- About USD 9.5 million has been invested in containers which are now being sold / re-financed through sale- / lease-back transactions or simple bank financing.
- Shipbrokers estimate current market value of mv. "Taicang Dragon" (2,500 TEU / Geared / Built 2008) to be in excess of USD 35 million against TCC´s purchase option price of USD 29 million level.
- By early August dates, TCC will operate a fleet of total 8 vessels in the 2,500 to 3,000 TEU range and have purchase options on 4 of the vessels.
- TCC is continuously evaluating the opportunity for launch of a second service later this year.

TCC will increase capacity in Great Dragon Service

Company news

2010-06-10 15:03:08

On the back of strong cargo volumes, TCC will upgrade the capacity in Great Dragon Service to 3,000 TEU vessels and have agreed to charter the following 3 x 3,000 TEU vessels from Danaos Shipping:

mv. "CMA-CGM Elbe" TBR "Jiangsu Dragon"
mv. "CMA-CGM Kalamata" TBR "California Dragon"
mv. "CMA-CGM Komodo" TBR "Shenzhen Dragon"

The vessels are fixed for 12-36 months with an option for TCC to purchase the vessels.

TCC will maintain operational control over the existing ships and relet some vessels until required for launch of our next transpacific service.

TCC´s first vessel Mv. "Taicang Dragon" arrives Los Angeles

Company news

2010-05-04 17:08:45

The first vessel in "Great Dragon Service" launched on April 17 by The Containership Company ASA (TCC) arrived Los Angeles on May 2 and completed cargo operations on May 3, 2010 .

With 5 vessels under operation, TCC offer a weekly sailing out of Taicang in Jiangsu Province (departure every Saturday) and weekly arrival Los Angeles in California (arrival Sunday evening -cargo available on Mondays).

For the 2010 / 2011 Transpacific Season, TCC has now secured cargo contracts for approximately 88% of the available ship capacity in "Great Dragon Service".

TCC is in the process of completing a study for a 2nd string to be launched in 2010, involving detailed commercial discussions with shippers, ports, equipment suppliers and ship-owners to identify the most suitable service product.

TCC has chartered Mv. "ER Darwin"

Company news

2010-04-13 09:48:27

The Containership Company ASA (TCC) has today agreed to charter 2,811 TEU Mv. "ER Darwin". The vessel is fixed for minimum 5 / maximum 12 months with TCC´s option to extend the charter.

TCC will lease containers from Textainer

Company news

2010-04-08 08:42:53

The Containership Company ASA (TCC) has entered into container lease agreement with Textainer for supply of container equipment to TCC`s container management company Eagle Hill Container Management. Equipment has been positioned into Taicang International Gateway and is available for shippers.

TCC has chartered Mv. "Conti Harmony"

Company news

2010-03-30 22:48:38

The Containership Company ASA (TCC) has today agreed to charter 2,900 TEU Mv. "Conti Harmony". The vessel is fixed for 6-12 months with TCC´s option to extend the charter.

TCC has chartered Mv. "Champion" and Mv. "California Senator"

Company news

2010-03-25 21:33:24

The Containership Company ASA (TCC) has today agreed to charter 2,900 TEU Mv. Champion and 3,000 TEU Mv. California Senator. The vessels are fixed for 12 months with TCC`s option to extend the charter.

TCC has been granted licence to operate out of China

Company news

2010-03-25 09:05:49

The Containership Company ASA (TCC) has officially been granted licence to operate liner service out of China by the chinese Ministry of Transportation.

TCC has selected the TraPac Terminal at the Port of Los Angeles

Company news

2010-03-19 17:07:13

The Containership Company (TCC), has selected TraPac Container Terminal at the Port of Los Angeles as its U.S. west coast gateway.

Founded in 1985, TraPac opened its current operations at the Port of Los Angeles in 1987. TraPac's parent company, MOL, has 125 years experience in the shipping industry since 1884. Its business relationship with the USA dates back to 1909, when it opened the Hong Kong/Tacoma service with the TACOMA MARU. MOL currently operates a fleet of approximately 860 vessels, which includes container ships, dry bulk carriers, tankers, LNG vessels and car carriers.

TraPac is currently in the midst of a major expansion project at the Port of Los Angeles that will deepen the waterside at Berths 144-147, upgrade approximately 50 additional acres of existing land to modern container handling backland standards and construct a new on-dock rail facility.

The Port of Los Angeles is America's premier port and has a strong commitment to developing innovative strategic and sustainable operations that benefit the economy as well as the quality of life for the region and the nation it serves. As the leading seaport in North America in terms of shipping container volume and cargo value, the Port generates 919,000 regional jobs and $39.1 billion in annual wages and tax revenues. A proprietary department of the City of Los Angeles, the Port is self-supporting and does not receive taxpayer dollars.

TCC has chartered 2,600 TEU mv. "Ripon"

Company news

2010-03-19 16:36:52

The Containership Company ASA (TCC) has agreed terms to time-charter the container-vessel mv. Ripon for up to 3 years and TCC will have an option to purchase the vessel throughout the charter period.

The vessel is ready to enter into TCC´s Great Dragon Service from Taicang in China to Los Angeles, USA and the vessel will be renamed mv. "Taicang Dragon".

The vessel has the following main particulars:

British Flag / Classed Lloyds Register
2,564 TEU nominal capacity
34,325 dwt on 11.40 meter scantling draft
Built at Xiamen Shipyard in 2008
Geared with 3 x 45 tons cranes
Sulzer Main Engine

The vessel will be managed by Meridian Marine Management Limited.

TCC has entered cooperation agreement with Modern Terminals

Company news

2010-03-19 11:00:43

The Containership Company (TCC) has entered into a long term contract with Modern Terminals Limited (MTL) for cooperation in MTL facilities in Da Chan Bay and Taicang, China (see also www.modernterminals.com).

TCC is very pleased to announce this cooperation and we have great confidence in MTL being able to deliver a seemless and mutual beneficial cooperation.

TCCO - The Containership Company ASA registreres på OTC-listen

Company news

2010-03-10 16:35:52

The Containership Company ASA er registrert på OTC-listen f.o.m. 11. mars 2010. Ticker: TCCO. ISIN: NO 0010566367. Antall aksjer utstett av selskapet er 13 500 000. Emisjonsverdien på selskapet er NOK 155 250 000 basert på siste emisjon 1. mars 2010 på kurs NOK 11,50. Pålydende er NOK 0,10 pr. aksje. Selskapet har inngått avtale om bruk av meldingssystemet og vil kunne benytte dette fra og med 11. mars 2010.

The Containership Company ASA er en oppkapitalisering og videreføring av The Containership Company AS, med formål om innbefraktning og linjeoperasjon av containerskip, samt investering i skip og skipseiende selskaper, direkte og via aksjer, andeler og instrumenter. Selskapet ønsker notering på OTC-listen for å gjøre aksjene tilgjengelig for allmenn handel gjennom en etablert markedsplass.