Medmar ceased operations

Greek bulker operator Medmar Inc has ceased operations. Medmar Inc left several ships at sea with unpaid charter hire. Besides Greek and Scandinavian shipowners, giant charterers like RWE are understood to be affected by the collapse of Medmar Inc. Athens based bulker operator Medmar Inc was a victim of a mistimed intervention in dry cargo markets. According to market veteran shipbrokers, Medmar Inc took too many cargoes at wrong time. Medmar Inc tried to get more cargoes from west coast of South America and hoped for better markets later which didn’t materialized. According to Baltic Exchange, 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 affair. Medmar Inc’s abandoned bulk carriers are taken control by shipowners. Many of Medmar Inc’s charter deals have been done off-market, as only around a dozen bulk carriers are listed on the Baltic Exchange’s fixtures list. German energy supplier RWE (Rheinisch-Westfälisches Elektrizitätswerk AG) have 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.