CLARIFICATION: P&O Nedlloyd not a party to FABC sale
Monday's Shippers’ NewsWire incorrectly stated P&O Nedlloyd was a party to the Marine Engineers’ Beneficial Association Pension Trust’s sale of First American Bulk Carrier Corp. (FABC).
According to Capt. Warren G. Leback, president of FABC, the U.S.-flag containerships “Chesapeake Bay” and “Delaware Bay” were acquired from Fleet Capital by Wilmington Trust Co., as owner-trustee for the benefit of Farrell Lines Inc. These ships will continue to be bareboat chartered by FABC and will continue to be time chartered by Farrell.
FABC was acquired by M-Ships Inc., which is owned by M Holdings Ships Inc. M-Ships was merged into FABC with FABC being the surviving entity. M-Ships and M Holdings Ships are independent companies and have no relationship to P&O Nedlloyd and Farrell, Leback said.
Leback said that change in vessel management was not part of the transaction.