Beluga Shipping

Beluga Shipping GmbH I.I. was a German project and heavy-lift shipping company based in Bremen.

In March 2011, a financial crisis at Beluga became known in the course of which U.S. investment company Oaktree Capital Management took over the management of the Group and the company's founder and former CEO, Niels Stolberg replaced. On 16 March 2011, first applied for a portion of the shipping group, the Beluga Chartering GmbH, the initiation of insolvency proceedings. Meanwhile, there are the Beluga and other subsidiaries in bankruptcy.

Business

Core competence of the Beluga Group was the project and heavy-lift shipping.

In parallel, the company is committed reinforced in the offshore wind turbine market. In connection with the insolvency Hochtief intends the shares of the Beluga Offshore GmbH in the joint venture Beluga Hochtief Offshore to take over.

The Beluga Group was organizationally divided into three core areas:

• Beluga Shipping GmbH formed the roof of the business activities and focuses on the core business of shipping.
• The Beluga Offshore GmbH has been instrumental in the organization and realization of the business unit offshore wind.
• The Beluga Maritime Education GmbH was responsible for Maritime Training and offshore training.

Corporate Development

Beluga Shipping GmbH was founded in December 1995 as "cargo operator" by Erhard Koschorreck and Niels Stolberg in Bremen. 1998 was the first own ship, the multipurpose vessel Beluga performer, put into service, in 1999 the first newly constructed the shipping company, the Werder Bremen, then came. In the following years the company grew rapidly. The crane capacity of the ships lay at up to 1400 tonnes in combined tandem operation (P series).

The international presence of Beluga Shipping intensified from 2002, first by the opening of foreign offices in Brazil and Singapore. In 2003, the acquisition of the Dutch GenChart BV followed and the opening of an office in Beijing. 2004 additional offices were opened in Houston and Shanghai. Meanwhile, there are 15 offices worldwide. However, the company does not offer a regular service between the branches, but has worked in the tramp shipping. On the Bremer Teerhof - between the insurance offices and the University Guest House - has built its new headquarters, the Beluga Group, which has been in operation since June 2009. In September 2010, drove a total of more than 69 multipurpose heavy for the Beluga Group.

Through the Beluga fleet growth increased its sales compared to 2006 from 175 to 418 million euros in 2008, more than doubled (2007: 268 million euros ). During the same period, operating profit rose from 17.4 to 68 million euros (2007: 30 million euros ). In the " crisis of 2009 ", sales remained almost stable at EUR 415 million due to the growing tonnage, the profit fell to 20 million euros.

In the summer of 2009, the U.S. investment company Oaktree Capital Management took over for more than 100 million euros a third of the shares of the Beluga Group. So the further fleet expansion and therefore the expansion of the company should be financed. Since 28 February 2011 it was announced that the financial investor Oaktree, who was now involved with 49.5 percent, would take over Beluga. The Federal Cartel Office confirmed a subscription.

On 3 March 2011 Niels Stolberg was forced to resign as CEO. The Restructuring Officer at Oaktree, Roger Iliffe, took over the management. Against the former managing partners of Stolberg and other senior employees an investigation was initiated on suspicion of serious fraud on the part of the prosecutor.

On 16 March 2011, first applied for a part of the Beluga Group, responsible for the charter business Beluga Chartering GmbH, Bremen at the district court to open insolvency proceedings. Meanwhile, as the Sea Academy bankruptcy has been sought for the Beluga and other subsidiaries.

The U.S. financial investor, which is involved in Beluga, founded by former employees of Beluga and some ships from the Beluga fleet a new heavy-lift shipping company, Hansa Heavy Lift.

Projects

The Company was involved as one of the first shipping companies in the commercial application of a test similar paraglider towing kite of the Hamburg company SkySails. On 15 December 2007, the Beluga SkySails was christened in Hamburg. In addition to the conventional internal combustion engine, the ship was equipped with a towing kite, which has reduced the fuel consumption on windy routes by an average of around 5.5 percent.

Freighter Beluga Group drove in the summer of 2009 as the first ships of a Western shipping company through the Northeast Passage along the Siberian coast. In the previous year the necessary permits were not arrived in time to take advantage of the narrow time window for the transit of the Northern Sea Route. Due to climate change, the ice gives way now back in the summer and are subject to weather conditions for six to eight weeks a passage free, which shortens the route from Europe to Asia or vice versa by a third. The company had planned to send up to six freighter on this route. Compared with the classical route through the Suez Canal up to 3.5 million euros would be saved so according to the company.

Pirate attacks

On 21 August 2008 the freighter BBC Trinidad was hijacked by Somali pirates and released after 21 days for a ransom payment.

24 October 2010 attempted to kidnap the Beluga Fortune about 1,200 miles east of the Kenyan city of Mombasa pirates. The attempt failed, however, because the crew took refuge in a shelter, and from there stopped the engines of the ship and summoned help. Since the pirates so failed to bring the ship under way, and to create a safe place for them, they left the ship again, so that the Beluga Fortune with uninjured crew could continue their journey.

On 22 January 2011, another ship of the company, the Beluga Nomination was attacked by Somali pirates and this time captured.

Arms shipments to conflict areas

In July 2009, the Beluga Eternity transported, a ship of the Beluga E- Series, missiles and tanks from the Ukrainian port Oktyabrsk to Myanmar, which was then under a military dictatorship. The Beluga Endurance brought a cargo tanks and ammunition from Oktyabrsk to Mombasa, which were intended for further transport to a critical area of South Sudan. According to Niels Stolberg, the ships not sailing under the responsibility of the shipping company Beluga Shipping, but were chartered.

Insolvency and its consequences

• The headquarters was built from 2007 to 2009 is vacant and was in May 2012, sold to the BLB Real Estate, a subsidiary of Bremer Landesbank.
• The ships are sold, been partially transferred from the investor to the Hansa Heavy Lift. The Beluga College no longer exists. The students of the group have been placed with other shipping companies.
• The Beluga School For Life was renamed Hanseatic School for Life.
• The publicly funded, then unfinished Beluga Offshore Training Academy in Elsfleth is currently operated (2012 ) by the district Weser Marsch; after a final solution is still being sought.
• In Oldenburg initiated by Stolberg sports boarding VfL Oldenburg was not completed. The city was in a financial loss.
• On Spiekeroog several of the Group's businesses had to close.