Maritime Trader

[Guest]

Shades of Soo River certainly. In reading the documents it mentions that she was refitted in 2005 for a 5 year contract. Probably that contract was expected to be renewed for 2011. Money was spent to keep the vessel in good operating condition in expectation of further work then the contract was not renewed. There goes the line of credit and unpaid bills start to accumulate.

Lower Lakes held the contracts on her until the end of the 2011 season and then had the option to buy at a fixed price.

[Jacques]

This vessel will burn between 12-14mt of MDO per day clipping along. At $1000/tonne this will be the killer given her cargo lift compared to the big boys. I'd say she's done unless a case can be made for keeping her on short hauls.

[boatbuddy]

Shades of Soo River certainly. In reading the documents it mentions that she was refitted in 2005 for a 5 year contract. Probably that contract was expected to be renewed for 2011. Money was spent to keep the vessel in good operating condition in expectation of further work then the contract was not renewed. There goes the line of credit and unpaid bills start to accumulate.

[fireman12]

I thought I`d see and read what`s been said here before I`d put in my 2 cents worth . I sailed on the Mantadoc twice as Engineer. After going to Marcon`s site via the link here , and checking out the photos of how the ship looks today , I`d have to say she does not look too bad 20 + years later . Mind you when Paterson ran her she was more or less the pride of the fleet , and more so after they scrapped all of their steamers . Even the Vandoc , the old Sir Denys Lowsen , and near sister ship , could not hold a candle to the Mantadoc . The old Beavercliffe Hall as Quedoc , well we saw the results of that . But the Mantadoc was spotless , well maintained , always had the Fleet Commodore Chief Engineer on board . And I loved her , being the Fairbanks man that I was , this was heaven .

Four 8 cylinder 38D X 8 1/8s should not be back breakers fuel wise . The fourth engine is not really needed except in manoeuvers , on the lake and when bucking the tide on the upbound trip in the St Lawrence . Captains today usually factor that in today , arriving at Escoumains pilot station at the right time of the tide , so the run from there to Quebec is on the ` tailwind ` .

However mismanagement can be the undoing of any business enterprise . What could have come to pass here may be described as what happened to Soo River Company . Biting off a bit too much to chew and not enough left maybe. Even with the Maritime Trader`s smaller size , the profit from a single haul of grain , wheat , barley or the moneymaker , canola should be big enough to be sustainable .

Hopefully she can be saved and someone will put her back to work . These venerable lakers we took for granted are disappearing faster than any of us could have imagined and the Mantadoc`s time is not yet here so I`ll leave it at that , God willing .

[guest]

Why would any person or company want to buy the Maritime Trader for further operation, when the vessel is unable to generate enough income to pay its operating expenses...thats why its in bankruptcy court. Unless there is some niche, short haul grain trade for it, its probably useless in today's operating environment...with high fuel costs and low carrying capacity. And what happens in a few years when emission requirements and ballast water treatment has to be addressed?

I believe that if you looked closely into Voyageur's books you would find that mismanagement may be more a factor than the Trader in the downfall of the company

[oldseadog]

I think that Marcon will advise Fred Huneualt and LLT of any interesred parties that wish to purchase the vessel Maritime Trader, thats the way I read it. Any other suggestions?.

No, those two have submitted their interest in purchasing the ship to the court.

I was under the impression thet in Canada owners and family cannot bid to buy property under receivership or bankruptcy, am I correct? or is this only in Quebec?.

[oldseadog]

I think that Marcon will advise Fred Huneualt and LLT of any interesred parties that wish to purchase the vessel Maritime Trader, thats the way I read it. Any other suggestions?.

No, those two have submitted their interest in purchasing the ship to the court.

Why when one of them can't pay for it now?.

[Guest]

I think that Marcon will advise Fred Huneualt and LLT of any interesred parties that wish to purchase the vessel Maritime Trader, thats the way I read it. Any other suggestions?.

No, those two have submitted their interest in purchasing the ship to the court.

[Guest]

Why would any person or company want to buy the Maritime Trader for further operation, when the vessel is unable to generate enough income to pay its operating expenses...thats why its in bankruptcy court. Unless there is some niche, short haul grain trade for it, its probably useless in today's operating environment...with high fuel costs and low carrying capacity. And what happens in a few years when emission requirements and ballast water treatment has to be addressed?

[oldseadog]

I think that Marcon will advise Fred Huneualt and LLT of any interesred parties that wish to purchase the vessel Maritime Trader, thats the way I read it. Any other suggestions?.

[Mac Mackay]

Mr.Huneault is also a major unsecured creditor according to the receiver's site. That would explain his interest. He would have little hope of recovering that money if ship were sold to others. If the sale price is equal to or less than the moneys owing to GE Capital, all the moneys received would go to GE.
If he were to secure the ship, however and thus discharge the debt to GE, and start afresh, he might have some hope of recouping his losses. This would be particularly true if he had a solid customer such as LLT.

[guest]

I read that to say that both Fred Huneault and Lower Lakes would be interested parties. I am confused that Fred Huneault could be an interested party as I thought him to be one of the owners now mentioned in recievership

[Guest]

Where did you find the potential buyers list. I find it hard to believe that LLT would join forces with Fred Huneault in the purchase of the Trader.

http://www.marcon.com/vessels/gs17934/G ... proval.PDF

[guest]

Where did you find the potential buyers list. I find it hard to believe that LLT would join forces with Fred Huneault in the purchase of the Trader.

[TWilush]

I'd imagine fuel costs for both the Trader and Shelley are substantial with the quad Fairbanks arrangement. Hopefully Lower Lakes will pick her up, though I quite like her in blue.

[cacw302]

I wonder if Vanguard would be interested in her. If not I can see this boat heading for the scrappers. The Trader has always been one of my favorite boats.

[skipper9]

it's unfortunate the legal wranglings of the various companies involved in the protection of their interests of maritime trader. it was my first mates' job as a young man and 30 years later in life i had the fortune of sailing aboard her as mate. shes a fine vessel, well cared for, easy to handle and load. it's a good thing to know that things last as long as their keepers.

[Guest]

Lastly, isn't Fred Huneault the founder of Voyageur Transportation?

Fred Huneault is listed on the Voyaguer Marine Transport website as the president.

[J Kerwin]

In the one document it mentions that Fred Huneault of Lower Lakes is named on the list of potential buyers. So it appears that Lower Lakes is going to have their chance to purchase the vessel. It mentions that the expected close date for sale is the end of May. Lastly, isn't Fred Huneault the founder of Voyageur Transportation?

[Mac Mackay]

In fact I believe they are not in bankruptcy protection - they are in receivership.
The ship was seized by the lenders, who were the only secured creditors, and the ship was the only asset.The trustee in bankruptcy took control of the ship (that's why she was moved) and is basicallly tending it until the sale takes place.
Because it is a ship, the Federal Court of Canada had jurisdiction to order the sale and appoint Marcon to sell it.
Price Waterhouse Cooper's web site has a number of documents posted that explain the situtation.
http://www.pwc.com/ca/en/car/voyageur-maritime-trading