Alpha Adriatic Ship Management

Alpha Adriatic d.d. was established on 1 September 1986 as a fully owned subsidiary of the Uljanik Group, originally named Uljanik Plovidba. Initially, the company focused on owning and managing a fleet of multipurpose and bulk carriers. The move towards privatization started in 1994, unfolding in several stages and concluding in 1998, which saw Alpha Adriatic d.d. transition into an independent entity, no longer part of the Uljanik Group, and owned by over 5,000 individual shareholders. Between 1994 and 2002, the company maintained a representative office in London to handle commercial, banking, insurance, and legal affairs. In 1997, the company broadened its services to include third-party ship management, starting with the cruise ship “Dalmacija,” which was later incorporated into its own fleet. Alpha Adriatic d.d. saw its shares listed on the Zagreb Stock Exchange in 2003, marking the beginning of a significant investment phase. Over the next eight years, the company invested approximately USD 500 million in modernizing and renewing its dry cargo and tanker fleet, supported by five capital increases between 2005 and 2019. Since 2004, the company ventured into liquid cargo transportation by investing in a fleet of oil and chemical tankers and expanded its technical management services for third parties in the tanker sector from 2012. In 2014, Alpha Adriatic established a management subsidiary in Singapore, Alpha Adriatic Shipmanagement Pte. Ltd., extending its ship management services to include two ro-pax ships. The company underwent a rebranding in October 2019, changing its name from Uljanik Plovidba to Alpha Adriatic, symbolizing a desire for modernization and a stronger international market presence. In 2021, Alpha DCM Investments LLC was formed as a joint venture between Alpha Adriatic Group and DC Maritime Partners B.V., acquiring the second-hand bulk carriers MV Punta and MV Valovine in August 2021. Another joint venture, ASP Adriatic d.o.o., was established in 2021 with ASP Group and Mr. Eduard Hibšer, aiming to enhance crewing services and human resource management, crucial aspects of the ship management industry. Today, Alpha Adriatic stands as a contemporary and forward-thinking group, diversifying its operations to navigate the evolving maritime market effectively. 19-October-2019


The Croatian shipowner Uljanik Plovidba has initiated “pre-bankruptcy” proceedings after its banking partners, led by Credit Suisse, ceased refinancing discussions unexpectedly and proceeded to arrest one of its tankers. This drastic step was taken by the consortium of international lenders without prior notification, according to the tanker and bulker operator. Despite ongoing negotiations, the banks’ sudden decision enabled them to detain the 53K DWT supramax bulk carrier MV Pomer (constructed in 2011) in Singapore as a measure to secure the repayment of the outstanding debt, stated the company. Igor Budisavljevic, director of Uljanik Plovidba, remarked that this move came in spite of a nearly complete consensus on settling all financial obligations with both domestic and international lenders, undermining a 33-year business relationship and contradicting standard business ethics. Despite the setback, Uljanik Plovidba was still in “very intensive and advanced discussions” with the lenders for a settlement plan right before the incident. The company had even received a term sheet for refinancing from a new international lender, with a final agreement expected to be signed on 4 October. In response, Uljanik Plovidba has sought the guidance of legal and financial experts to address the tanker’s arrest and safeguard its interests, including exploring the possibility of claiming damages for the abrupt actions taken by the banks. To protect its operations, nearly 400 employees, creditors, and shareholders, the company’s leadership has opted to commence pre-bankruptcy proceedings featuring a restructuring plan that aligns with previously agreed settlement terms with creditors. Budisavljevic expressed gratitude towards domestic banks and creditors for their ongoing support, emphasizing that the restructuring plan will not involve write-offs affecting employees, seafarers, and suppliers. The goal of the pre-bankruptcy proceedings is to finalize ongoing negotiations and implement the settlement plan, ensuring the company’s uninterrupted operation. Uljanik Plovidba, owner of two tankers and four bulkers constructed between 2010 and 2016, has been adversely affected by the financial distress of its former parent company, Uljanik Group, which has declared bankruptcy. In an effort to dissociate from its troubled predecessor and clarify its independent status, Uljanik Plovidba announced a rebranding to Alpha Adriatic. This change aims to eliminate any potential confusion with Uljanik Group, from which it had separated in the 1990s. The company has faced challenges, including the resignation of two executives linked to an investigation into financial misconduct at Uljanik Group and the need to dispel misleading news reports connecting it to the shipbuilder’s crisis. As part of its financial restructuring, Uljanik Plovidba sold an MR tanker and listed two supramax bulkers for sale, leading to a reported net loss of $2.36 million as of 30 June. 1-October-2019


The Croatian shipping firm Uljanik Plovidba is in the process of divesting its newest vessels as part of a comprehensive financial restructuring plan. According to reports from shipbrokers, the company has put up for sale two of its supramax bulk carriers. Interested parties will have the opportunity to inspect the 52K DWT supramax bulk carrier MV Valovine, constructed in 2016, in Rotterdam starting next week. Its sister ship, the 52K DWT supramax bulk carrier MV Punta, built in 2013, is currently located in Spain. Up until the publication of this information, representatives from Uljanik Plovidba had not provided any comments. The potential sale of the MV Valovine and MV Punta would result in Uljanik Plovidba retaining two supramax bulk carriers and two medium-range tankers within its fleet. This move is seen as a strategic effort by Uljanik Plovidba to navigate its financial restructuring, which gained momentum following a court ruling in May that released its bank accounts from a freeze. This decision also postponed enforcement actions related to debts owed to the Uljanik Group shipyard 3 Maj, where both the Punta and the Valovine were constructed. The restructuring initiative started in June with the sale of the MR tanker, the 53K DWT tanker MT Kastav, built in 2009. Although Uljanik Plovidba did not disclose the sale’s details, shipbrokers indicated that the MT Kastav was sold for approximately $15 million. The new owner of the MT Kastav was revealed last week when Uljanik Plovidba officially transferred it to Ditas Shipping. The vessel, now named MT T Jungfrau, joins the expanding fleet of Ditas Shipping, a Turkish company affiliated with the Koc business group, marking its first tanker acquisitions in five years. Ditas Shipping’s recent acquisitions include the 50K DWT MT High Sun (now MT T Fatma, built in 2014), purchased for about $29 million from a venture partly owned by Italy’s d’Amico International Shipping. Additionally, Ditas Shipping is rumored to have expanded its fleet with the 48K DWT MT T Matterhorn (formerly MT Nord Innovation, built in 2010), bought last November for an estimated $17 million. Following maintenance, the MT T Matterhorn, reflecting Ditas Shipping’s naming convention, was delivered in April and is presently operating within the Norient pool, a collaboration between Norden and Interorient. 10-July-2019


Croatian ship owner and operator Uljanik Plovidba is being investigated over alleged improper gains from a newbuilding contract. Croatian tanker and bulker owner Uljanik Plovidba has been probed due to the alleged misconduct of the former managing director for four newbuilding contacts at unrelated shipbuilder Uljanik Group’s 3 Maj yard in 2009. Croatian Uljanik Plovidba directors resigned after the arrest of 12 managers. From 4 newbuilding contracts Croatian Uljanik Plovidba directors potentially wrongfully benefited around $8.76 million (HRK 58 million). 3 Maj is not listed as having built any such ships for Uljanik Plovidba previously. The investigation is being conducted against the former managing director as a responsible person within Croatian tanker and bulker owner Uljanik Plovidba. Uljanik Plovidba is expressly denying any and all allegations that it potentially wrongfully benefited as alleged. Furthermore, Uljanik Plovidba has a claim for compensation around HRK 80 million arising from a cooperation agreement. On 7 March 2019, Uljanik Plovidba has filed a request for mediation with the Croatian general attorney office. This was a mandatory procedure before filing a claim for compensation against the Croatian government. After the rejection of the rescue plan, Uljanik Plovidba most probably will be bankrupt. Beginning of April 2019, Croatian Uljanik Plovidba director Dragutin Pavletic resigned after being arrested with 11 other people in connection with an investigation into financial damage at the 3 Maj shipyard. Last summer, Uljanik Plovidba pointed out that it is completely independent from its former parent group. On 23 July 2018, Dragutin Pavletic resigned from Uljanik Group’s supervisory board in order to avoid the two companies being perceived as linked. Croatian government rejected a $1 billion-plus debt restructuring of Uljanik Group. 9-April-2019


Following their arrests in connection to an investigation into financial irregularities at the unrelated shipbuilder Uljanik Group, two executives from the Croatian shipping company Uljanik Plovidba have resigned. Director Dragutin Pavletic submitted his resignation first, with Anton Brajkovic, the deputy president of the supervisory board, following suit. Uljanik Plovidba, which owns tankers and bulkers, made no reference to the shipyard probe in its announcement regarding the resignations. Pavletic served as the de facto managing director of Uljanik Plovidba. Last year, Uljanik Plovidba addressed what it described as unfounded media stories attempting to connect it with the crisis at Uljanik Group, emphasizing its complete autonomy from the former parent company. Pavletic highlighted his departure from the supervisory board of Uljanik Group on 23 July 2018, a move aimed at dispelling any perceived association between the two entities, having been a board member since June 2017. Uljanik Plovidba announced the appointment of lawyer Igor Budisavljevic, a professional with three decades of maritime industry experience, as its new director for a term of five years. The company also plans to find a replacement for Brajkovic. Both Pavletic and Brajkovic were among 12 individuals arrested in Croatia as part of the probe into Uljanik Group. Brajkovic served as the predecessor to Uljanik Group’s former chairman Gianni Rossanda. Several of those arrested, including Rossanda, Pavletic, and others, were placed in custody, while Brajkovic and a few others were released. The arrests are part of an investigation focused on the contractual agreements for four new vessels signed in 2010. This week, the Croatian government declined a restructuring proposal exceeding $1 billion for Uljanik Group, making the shipbuilder’s bankruptcy appear more imminent. 28-March-2019


Croatian tanker and bulker shipowner Uljanik Plovidba has arranged more refinancing to lower its financing costs. In September 2018, Uljanik Plovidba refinanced two (2) MR tankers with a new loan after agreeing to a discount with existing banks after intensive negotiations. Syndicate credit led by Credit Suisse made a significant amount of a discount on the outstanding debt of Croatian tanker and bulker shipowner Uljanik Plovidba. Credit Suisse permitted refinancing of loans of Uljanik Plovidba relating to MR tankers 2009 built MT Kastav and 2011 built MT Pomer. 23-November-2018


Croatian tanker and bulker shipowner Uljanik Plovidba back into profit at the end of 2017. Uljanik Plovidba reported HRK 38,156 revenue in 2017 which was a loss of HRK 55 million in 2016. Uljanik Plovidba reported operating profit HRK 204 million, in 2017 which was HRK 184.6 in 2016. Croatian tanker and bulker shipowner Uljanik Plovidba commented that cargo operations were strong with the help of high freight rates. Uljanik Plovidba expects that the tanker sector will recover in 2018 due to a decrease in the number of new deliveries. Uljanik Plovidba has a fleet of 5 supramax dry bulk carriers and 3 MR tankers. 20-July-2018


Croatian shipowner and operator Uljanik Plovidba sold 2006 supramax dry bulk carrier 54K DWT MV Levan for further trading. Croatian shipowner and operator Uljanik Plovidba follows its long-term strategy and pursuant to its development strategy to 2030. Previously, Uljanik Plovidba sold the other two 2004 built bulk carriers in fleet MV Marlera and MV Volme. Croatian shipowner and operator Uljanik Plovidba has a fleet of 4 dry bulk carriers and 3 tankers. 26-February-2018


Croatian Shipowner Uljanik Plovidba has reduced losses in the first 6 months of 2017. Croatian Shipowner Uljanik Plovidba owns and operates 4 tankers and 3 supramax dry bulk carriers. Croatian Shipowner Uljanik Plovidba has reported a net deficit of $446,400 in the first half of 2017 which seems better than the 2016 loss. 12-July-2017


Croatian shipowner and operator Uljanik Plovidba has reduced its net loss to $2.3 million in Q1 2017. Croatian shipowner and operator Uljanik Plovidba has a fleet of 5 dry bulk carriers and 3 tankers. Low freight rates in the tanker sector impinge upon Uljanik Plovidba’s profits. 27-April-2017