Medmar ceased operations

8-October-2019

Greek bulker operator Medmar Inc has ceased operations. Medmar Inc left various ships at sea with unpaid charter hire. Besides Greek and Scandinavian shipowners, giant charterers like RWE are assumed to be affected by the collapse of Medmar Inc.

Athens based ship operator Medmar Inc was a victim of a mistimed intervention in dry cargo markets. According to veteran shipbrokers, Medmar Inc fixed too many cargoes at an awkward time. Medmar Inc attempted to fix more cargoes from the west coast of South America and believed for more solid markets later which didn’t materialize.

Medmar Inc chartered in dozen of supramax and kamsarmax bulk carriers for long period in 2018. Konkar Shipping Agencies and Western Bulk Carriers are among the companies caught up in the Medmar Inc activity. Medmar Inc’s abandoned bulk carriers are taken control by shipowners.

Numerous Medmar Inc’s charter arrangements have been performed off-market. Therefore, approximately a dozen bulk carriers are recorded on the Baltic Exchange’s fixtures list.

German energy supplier RWE (Rheinisch-Westfälisches Elektrizitätswerk AG) has had three (3) bulk carriers which were abandoned by Medmar Inc. Other charterers like Bunge, Glencore, Oldendorff Carriers and Oetker are all affected by the collapsed Greek operator Medmar Inc. Medmar Inc was established in 1969 by John McTaggart.