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Displaying items by tag: Liquidation

#TradeNews - BBC News reports that Green Marine, the high performance yacht builder in the UK responsible for entries in the Volvo Ocean Race and America’s Cup, has gone into liquidation.

Forty-six jobs have been lost with the end of trading at the boatbuilder, which moved its core business to Hythe in Hampshire from Lymington and Southampton in recent years in order to take on multiple projects.

A slowdown in large yacht orders has been blamed for the decision to enter voluntary liquidation — though a Scuttlebutt Europe reader alleges manoeuvres at the builder’s Dutch owners Vitters undermined its ability to prosper.

Green Marine build more than 180 boats since it was founded in 1982, specialising in custom racing yachts such as those competing in the Volvo Ocean Race, the Vendée Globe, and Sir Ben Ainslie’s recent America’s Cup challenge.

BBC News has more on the story HERE.

Published in Marine Trade
2nd February 2012

Fastnet Line Closes For Good

#FERRY NEWS - The Fastnet Line ferry service between Cork and Swansea is to close with the loss of 78 jobs.

As previously reported on Afloat.ie, the operator had been in examinership since last November, and a restructured business plan had been submitted with a view to resuming high-season service in April.

However, in a statement the owners of the Fastnet Line said they had been unable to raise the €1m-plus investment required and that the examinership had "failed".

All 78 jobs will be lost as the company is set to be placed in receivership or liquidation later today.

The Fastnet Line - which was worth around €30 million to Cork in tourist spending - made its maiden voyage from Swansea to Cork in 2010, and was the only direct passenger and freight link between Wales and the south coast of Ireland.

The Irish Times has more on the story HERE.

Published in Ferry

Fancy a pre-season boat bargain? It may well be on offer later this month at a 'liquidation sale of boats' due to take place in County Cork with a selection of unused and used power boats. The sale is by order of Mr. Barry Donohue, KPMG, Liquidator, HM Yachts Ltd (In Voluntary Liquidation).

The boats on offer include three unused Jeanneau motoboats inlcuding the popular Merry Fisher Legend. The vessel comes with Suzuki 50HP Four Stroke Engine and road trailer, ready for the season!

The sale will take place at 12 noon on Tuesday 29 March 2011. Viewing is from 10am - 4pm Monday 28 March 2011 or by appointment. The sale takes place at the Michael Murphy Yard, Mission Hill, Kinsale, Co. Cork. (Across from Bandon Co-Op)

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For sale: The Merry Fisher Legenda 585 Motor Boat

There are ten lots (including a van) but for the boats for sale include:

Unused Jeanneau Cap Camarat 715wa Motor Boat with a Hallmark Double Axle Trailer with Winch and Rollers, White / Blue.

Unused Jeanneau Cap Camarat 515 Style Motor Boat with a Suzuki 50HP Four Stroke Engine, Model DF50, Plus a Hallmark Single Axle Trailer with Winch and Rollers, White / Beige.

Unused Jeanneau Merry Fisher Legenda 585 Motor Boat with Enclosed Cabin with an Indspension Roller Coaster Single Axel Trailer with Winch and Rollers, White / Blue.

2006 Maxum 2400 SC3 26ft Motor Boat with 300Hp Petrol Inboard Engine with Double Axle Trailer, White / Blue.

2005 O'Sullivans Marine 710 23ft Fishing Boat with Cabin, Yanmar 27hp Diesel Inboard Engine, White / Blue, Name Mary-Linda.


For further details, please contact E-Auctions T: +353 45 883 554. More HERE.

Published in Boat Sales

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!

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