Atlantic Shipping Holdings Ltd has taken over Baltic Forest Lines‘ fortnightly timber service to Warren Point, Northern Ireland.
The news follows the appointment of administrators at Grimsby-based Baltic Forest Lines, which owed large sums of money to Port of Howden operator PD Port Services.
An “information update” from Atlantic Shipping Holdings Ltd says it has withdrawn three ships from the services of Baltic Forest Lines, which was unable to pay the time charters.
The statement says Atlantic Shipping Holdings Ltd, now trading as Atlantic Shipping, is running the ships itself and plans to expand business in the near future after the administration of Baltic Forest Lines is settled.
To “gain credibility” in the shipping market again, it says Atlantic Shipping has appointed Torbulk Ltd to manage the three ships on a two-month trial basis.
The statement says: “This will allow the situation to be re-assessed by the Estonian and British partners to look at the best way forward together again.”
Torbulk confirmed its appointment, while Warren Point-based Mourne Shipping said Atlantic Shipping vessels had already made four visits to the port, with further cargoes scheduled to arrive on April 15 and 30.
Atlantic Shipping’s marketing manager Richard Cowman, the former managing director of Baltic Forest Lines, was unavailable for further comment.
Companies House records show Mr Cowman is director of Leicester-based Atlantic Shipping Ltd, with British Virgin Islands-based Atlantic Shipping Holdings Ltd as its ultimate holding company.
Atlantic Shipping Ltd’s audited accounts for the year ending December 31, 2002 show it as a major shareholder in Baltic Forest Lines, with a £285,000 investment in 2002. The records show Baltic Forest Lines incurred a £108,710 loss for the year.
