Frigia: Garanti bulker hijacked closer to India
Frigia IMO: 7507485
Malta flagged Turkish owned (Garanti Finansal Kiralama, a subsidiarty of Turkiye Garanti Bankasi AS, Istambul) cargo ship MV FRIGIA, deadweight 35,000 tonnes. The captain of Malta-flagged Frigia reported March 23 AM to the ship’s owner that pirates were on board while the vessel was traveling from Egypt to Thailand. The ship was 450 n-miles outside the area where the anti-piracy force operates about 1000 n-miles from Somalia, which is closer to India than Somalia. It was originally heading east, but is now heading west and appears to be heading towards Somalia. The vessel has a 21-member crew, made up of 19 Turks and two Ukrainians. The ship is carrying phosphates and potash,
Garanti Finansal Kiralama A.S. (Garanti Leasing) reflect the risky operating environment, the small size, limited business and geographic diversification, and weak wholesale funding profile of the company. Offsetting these negative factors are the company's ownership by, and strong expected financial support if needed, from Türkiye Garanti Bankasi A.S. (Garanti; BB-/Negative/--), as well as its leading commercial position in its niche market, good asset quality, and strong management. The long-term rating on Garanti Leasing benefits from a one-notch uplift from its stand-alone credit quality, as Standard&Poor's Ratings Services considers it to be a strategically important subsidiary of Garanti. Garanti Leasing is the largest leasing company in Turkey.