Going from bad to good news, the first thing to know is that Navrom will dissapear in the immediate future.

On Monday 14 September, Navrom's bankers "Bancorex" in Romania have put the entire company under juridical seizure.

The intention is that abt 40 million dollars, the outstanding debt of Navrom towards Bancorex, will be lifted by selling Navrom's vessels, buildings, materials etc.

Navrom operates 75 vessels, of which only 16 are not under arrest of any third party. "Bancorex" consequently hopes to gain an average of 2 million dollar per sellable vessel. All vessels under arrest will be given up for the benefit of the actual respective creditors.

This also means the end of Navrom, the oldest of all three Romanian shipping companies operating a commercial fleet...