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.
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.
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.
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.
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.
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.