Gemini: four South Korean sailors ransomed

"The four Korean crew members of the MT Gemini have been released," the Korean Foreign

Ministry said in a statement, adding the sailors were being taken to safety aboard a South Korean navy ship.

The release followed an agreement between Singapore firm Glory Ship Management which owns the MT Gemini and the pirates, it said without elaboration.   The foreign ministry official as saying that the ministry had assisted in ransom talks between the boat's owner and the pirates, but declined to say how much had been paid for their release.

[December 2 '11]

The product: tanker with 28,000 metric tonnes of crude palm oil pays 6 million ransom.
The actual pirates, from the Sacad (Hawiye) clan claim to have received $4 million plus, others, including commander Mohamed Garfanje, presumably took the rest. The original demand was for $5 million. Four Korean crewmen are being held as hostages for pirates killed by South Korea in retaking the supertanker Samho Dream in April. $4.00 million is the demand.
Captain Pak Hyeon of the South Korean-managed, Singapore-flag hijacked Gemini IMO: 8412352 is among the Koreans being held.

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Free Goddess: freed after USD $2.3 ransom

the ransom amount was $2.3 million. The pirate group initially wanted $9 million, but negotiations resulted in a lower amount. The ship's owners, Free Bulkers SA, did not comment about the ransom payment claims.

[February 2]UKMTO received a call from the CSO of Free Goddess stating that he could not contact the vessel. The Free Goddess was en route from Adabiya, Egypt to Singapore, carrying 19,475 mt of steel cable with a crew of 21 Filipinos on board. The vessel is not responding to any calls. UKMTO Dubai also administers the Voluntary Reporting Scheme, under which merchant vessels are encouraged to send regular reports, providing their position/course/speed and ETA at their next port whilst transiting the region bound by Suez, 78°E and 10°S. UKMTO Dubai subsequently tracks vessels and the positional information is passed to CMF and EU headquarters.
9107045 FREE GODDESS A8UM4 Bulker 22051 1995
CEO Ion Varouxakis founded FreeSeas in 2004
Ion G. Varouxakis
Chairman of the Board
of Directors, Chief Executive Officer and President FreeSeas, Inc.
Piraeus , GR
Sector: SERVICES / Shipping
Officer since January 2006
39 Years Old
Ion G. Varouxakis is one of our founders and is the Chairman of our board of directors. He also serves as our President and Chief Executive Officer. In 2003, Mr. Varouxakis founded Free Bulkers, the beginning of a single-vessel, self-financed entrepreneurial venture that led to FreeSeas founding and NASDAQ listing in 2005.
Under Mr. Varouxakis? leadership, FreeSeas has grown to be a leader in the Handysize and Handymax segment in the U.S. capital market. Prior to founding Free Bulkers, Mr. Varouxakis held since 1997 management positions in private shipping companies operating in the drybulk sector.
Mr. Varouxakis holds a candidature degree in law from the Catholic University of Saint Louis in Brussels and a bachelor of science degree in economics from the London School of Economics and Political Science. Mr. Varouxakis is a member of the Hellenic Committee of the Korean Register of Shipping and is an officer of the reserves of the Hellenic Army. Mr. Varouxakis is the brother of Alexis Varouxakis, our Secretary.
Compensation for 2006
Salary $150,000.00
Bonus $0.00
Restricted stock awards $0.00
All other compensation $0.00
Option awards $ $0.00
Non-equity incentive plan compensation $0.00
Change in pension value and nonqualified deferred compensation earnings $0.00
Total Compensation $150,000.00

FreeSeas Frees Up Cash For Acquisitions 03.24.09
FreeSeas has secured waivers on its debt and refinanced an existing credit facility, and with its newfound financial freedom, it wants to do some bottom feeding.
FreeSeas (nasdaq: FREE - news - people ) Chief Executive Ion Varouxakis made a bullish call on the dry-bulk market, saying the waivers on $153.0 million in debt will allow it to take advantage of plunging asset values in the market. The company also refinanced the existing credit facility for its vessel the Free Maverick. "These modifications to our loan agreements, coupled with recent charter announcements, have provided FreeSeas with a greater level of operational and financial flexibility," said Ion Varouxakis.
"To a lesser extent, we believe these waivers position us for growth as we see unprecedented opportunities for acquisitions at current market prices."
FreeSeas is taking a more aggressive stance than its rival Diana Shipping, which last month said it would wait until asset values dropped further before jumping into any acquisitions.
Meanwhile, FreeSeas said it agreed with Hollandsche Bank - Unie N.V. to refinance a balloon payment of $27.1 million due Aug. 1 on the loan for its ship Free Maverick. The balloon payment will be replaced by a new three and a half year facility, which is payable through 13 quarterly installments of $600,000 beginning on Aug. 1, and one installment of $19.3 million payable on Nov. 1, 2012, the company said.
Home port: Monrovia Class society: Bureau Veritas Build year: 1995 Builder*: Saiki Heavy Industries Saiki, Japan
Owner: Freeseas - Athens, Greece
Manager: Free Bulkers - Athens, Greece

Former name(s):
- Bbc Barranquilla (Until 2007 Oct 31)
- Barranquilla (Until 2006 Nov 17)
- Ubc Barranquilla (Until 2004 May 05)
- Bernes (Until 2001 Nov 19)

Fairchem Bogey: released after helo drops ransom

FAIRCHEM BOGEY imo 9423750 V7UB6 dwt 25390 2010 chemical tanker carrying just a partial load of methanol, was released yesterday afternoon, for an estimated $8 million.. A helicopter was observed hovering over the vessel yesterday in anticipation of making the ransom drop
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Olib G: chemical tanker ransomed for $3 million

The chemtanker OLIB G, Malta-flag, Frio Maritime S.A. Greece, , with a crew of 18 (15 Georgians and 3 Turks), was released after the $3 million ransom was dropped onto the ship

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Savina Caylyn: D"Amato tanker ransom $11m

The ransom was delivered December 21 in two trips by helo , 8.5 million and a second later in the day. The pirates did not release the vessel until all payment was made, The pirates' freed 17 Indian sailors after receiving an initial sum of $ 8.5 million, ". "It was a tactic of the owner to ensure that Indian nationals were freed." After receiving the money, "launched from a helicopter," the Indians were released on small boats. Then "another 3 million have been launched and we left the ship and released the five Italians,"
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ROSALIA D` AMATO: 6 million Ransom

Six million ransom was paid for the release of the vessel, down from 7 million USD demanded, both the negotiators and the owners wanted that secret

ROSALIA D` AMATO (IMO 9225201) owned by Perseveranza SpA , a Company owned by Giuseppe D'Amato. Giuseppe D'Amato is the leader of a family of Shipowners that since four generations is present in the world shipping community. Italian President Giorgio Napolitano hailed the release of the Rosalia D’Amato, along with its crew of six Italians and 15 Filipinos .
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Blida: with load of clinker finally ransomed, maybe

MV Blida ransomed for USD 3.5 million. The pirates who hijacked Blida received only 2.6 million. Garaad, an investor took 600,000, and Loyaan, the negotiator and translator took 120,000, their normal percentages. Cash was dropped on November 2 and after counting it, the vessel released November 3 amid reports pirates attempted to hijack her again back

Diver: ransomed, released

Dover released bulker after payment of 3.8 million in ranson, by helicopter they say

earlier

Polar: 7.7 million USD ransom

Constantinos Tsakiris may have paid a total of $7.7 million in ransom for release of oil products tanker “Polar” dwt 72,825 hijacked en route from St. Petersburg and Kronshtadt to Singapore with a cargo of fuel oil.
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Jubba XX : ransomed by local Somali importers

Jubba XX laden with oil worth Dh17 million.[17,000,000.00 Emirati Dirham =4,628,243.38 USD]was released July 28 after negotiations between the pirates, local officials and businessmen. The amount of ransom paid was unclear.

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Suez , Yuan Xiang: airmen sentenced, pardoned

At Banadir region court sentencing the men reportedly claimed approximately the following names and nationalities:

Andrew Robert Brides, a British aged 56 and born in Nairobi, Kenya.

Patrick Brougham Hubbard, US citizen aged 41 from Texas.

Alexander James Andrew, a British aged 22 originally from Edinburgh

Mathew Brown, has British national aged 32 born in London

Mark William Potgieter, a British aged 25, but originally from Kenya.

Alistair Macleod Davidson, both British and Kenya aged 46

The men left Mogadishu for Kenya's capital Nairobi aboard their two planes on June 26

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Suez, Yuan Xiang: all airmen pardoned

The president of the interim government of Somalia has pardoned all six men, who have not been officially named, involved in ransom money for the release of two vessels, the Egyptian-owned MV Suez and the Chinese-owned MV Yuan Xiang, two ships held ransom by Somali pirates, $3.6 million in cash on 24 May shortly after arriving by plane in Mogadishu.
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Suez: carrying cement in bags, pays $2M ransom

1984 Egyptian-owned vessel released after ten months
8218720 SUEZ 3FXJ5 General Cargo Ship 17300 1984 162 Red Sea Navigation Co.
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Zirku: ransomed for $12 million

ZIRKU IMO: 9237802, Tanker with Nile Blend Crude Oil loaded at Marsa Bashayer, Sudan. This is a new crude oil from recently developed oil fields in Sudan, a cargo that earned pirates a treasure. The amount of the ransom could not be confirmed
Somali pirates say they freed a UAE-flagged, Kuwaiti-owned oil tanker after a $12-million ransom was paid. The 105,846 dead weight tonne MV Zirku was captured on March 28 on its way to Singapore from Sudan with a crew of 29. back

Sinar Kudus: Ferronickel laden, ransomed

The hijacking occurred on March 16 off Somalia. The ship is operated by local shipping company PT Samudera Indonesia Tbk. and was carrying ferronickel belonging to state mining company PT Aneka Tambang from Indonesia to Rotterdam in the Netherlands. PT Samudera Indonesia used a service company as a negotiator. the pirates had demanded a US$2.6 million ransom in the beginning, which they then raised to $3.5 million and continued to increase. “Now, [04/11] they are asking for $9 million,” he said. back

Eagle: $6 million ransom, pirates say

Somali pirates have released the Cyprus flagged, MV Eagle,
The bulk carrier was captured on January 17, about 490 miles southwest of Oman while en route on passage from Aqabar (Jordan) to Paradip (India)

Pirates claim they received a $6 million ransom for for the old bulk carrier's release.
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Asphalt Venture: Pirates shortchanged

Tugs stood by as Asphalt Venture was released with eight crew after a $3.5M ransom drop onboard April 15. More money was expected in the drop and seven hostages were taken and remain in Haradhere. more

Beluga Nomination: USD 5 m.w/ 2 tugs standing by

Beluga Nomination has been freed. The engine was turning and two tug boats were attending.
The pirates said they received $5 million early April 15 and departed.


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Beluga Nomination: Skuld and Griffin

Elected new members for a one-year period until 2006:
Niels Stolberg
Beluga Shipping GmbH, Bremen


Does my owners’ P&I policy cover piracy?

* Although P&I cover excludes war risks, the definition of “war risks” does not include piracy (Skuld Rules Appendix 1). This means that P&I risks such as crew claims, cargo damage and pollution will not be excluded on the ground that they are caused by acts of piracy.
However, some owners have piracy included in their war risks cover. For example, the Norwegian Marine Insurance Plan includes piracy as a war risk - see Norwegian Marine Insurance Plan § 15..20-22 (amended in 2010). Members who have insurance cover on Norwegian terms will therefore be covered for piracy P&I claims (such as crew compensation) by their war risks insurance provider rather than their P&I Club. Japanese war risks cover also includes piracy.

Skuld's new Kidnap & Ransom Insurance
Published 15.02.2010

SKULD, one of the world’s leading P&I Clubs, now has the ability to offer its members and clients Kidnap & Ransom cover for world-wide trade together with Griffin Underwriting.

SKULD is a P&I club with a long tradition of providing P&I insurance for shipowners and charterers. With continuing focus on providing first class service, it was natural for SKULD to provide Hull War Risk cover almost a decade ago. The current extension into K&R fulfils shipowners and charterers’ current risk exposure. The increase in piracy attacks has created a situation where owners and charterers face uncertainty in their daily operations. The risk of being attacked and illegally seized, causing disruption in trade, stress and exposure for crew and staff as well as financial insecurity, can be protected with a K&R insurance package.

Piracy attacks are continuing and vessels are seized. The insurance covers provided are uncertain for this risk and owners are left in the grey zone. To get the best protection, owners should have P&I, Hull War Risks and K&R. This package provides a certainty. SKULD can now provide all these covers: P&I, Hull War Risks including Piracy, K&R including Loss of Hire extension. This provides a comprehensive insurance package for owners and includes Skuld’s valued service in any casualty situation.

For charterers, SKULD’s Comprehensive Charterers’ Cover with K&R Loss of Hire extension, will provide the extra security for uncertain exposures in risk areas. If the charterer is liable for hire during a pirate seizure, he is covered for such a loss.

SKULD has elected to use Griffin Underwriting, a well known and experienced K&R provider, to ensure the best cover and service for members and clients. SKULD and GRIFFIN will work together to ensure close hands-on excellent service and assistance should the vessel be seized.

Kidnap & Ransom

Although the number of kidnap incidents vary from country to country depending on a variety of factors, the overall picture is one of an increasing crime. Kidnap gangs operate at various levels, from small street gangs abducting then selling the victim to a larger gang, or guerilla groups and cartels who require considerable revenue to fund their criminal activity.

Trends do occur and recent data suggests that a wider range of people are now exposed - as the most desirable targets are taking better precautions to safeguard themselves and their families from becoming victims, so less wealthy but easier targets become more attractive to the criminals as the victims of their crime.

Without the protection of insurance, kidnap and subsequent ransom demands can result in considerable personal or corporate financial loss. Griffin Underwriting offers two types of indemnity policy to protect personal and corporate assets and to provide the support that is required in the event of an incident; Individual Plus to protect families and businesses and Corporate Plus, tailored to multi-national corporations, with employees across the globe.

In the event of a claim the policy provides financial reimbursement along with advice and assistance helping to bring about the safe and timely release of the victim. Our comprehensive cover will reimburse the ransom payment along with other costs incurred whilst dealing with the kidnapping, including 100% of the consultants fees and expenses. In addition many other costs are also recoverable under our policy, including;

* Legal costs
* Medical expenses and Personal Accident cover
* Reward monies
* Salary replacement
* Interest on any loans taken out to pay the ransom
* Fees and expenses for independant services or advisors
* Rest and rehabilitation costs
* Other reasonable costs & expenses

I am writing this message to all news sites today as I am partly related to Beluga Nomination - vessel that was captured by the Somali pirates. The Shipping Company - Beluga Group - is hiding the information from press, and this is hurting both Russian, Fillipino, and international crew, Russian, Romania, Corean related cargo on board (steel), luxury yachts, etc.
The ship is captured since 24-25th of January. Last week 9-10th of February the pirates have announced their ransom - abt 8.000.000$, however the shipping company - Beluga Group - is tryign to negotiate the ransom down. According to our sources, the ransom in discussion is now $5.000.000. however even this is not being paid by the Owners.
However everyone has to consider and understand the fact, that the Owners/Beluga's risks are insured, and the fact that Beluga Group is trying to negotiate the ransom is most probably dictated by their Insurance company.
This insurance company - Danish based SKULD, at the end, will have to cover the ransom expenses back to Beluga Group. And the longer the negotion lasts, the more money this Insurance company will save, despite having this risk covered. In the meantime the crew, the cargo and all the shippers & receivers are all suffering from delays and constant credibility and contractual loss.

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Rak Afrikana: released - $7 million ransom maybe

Rak Africana, IMO 8200553, 1981 ransomed and released. owned by Rak Afrikana Shipping Ltd, United Arab Emirates and managed by Al Sinbad Shipping & Marine, UAE, Zambezi Shipping Agency LLC UAE. Vessel changed owners 8 times
Rak International company, which owns the ship handed over the ransom amount on March 8. The pirates, numbering about 25, were demanding a ransom of $7 million. “Negotiations were going on all these days and they might have reduced the amount little bit, Yesterday the authorities who had flown in a chartered flight dropped the bundle of notes covered with a plastic bag in the sea as per the instructions of pirates, who arrived at the spot in a speed boat. It takes minimum seven to eight hours for them to count and divide the booty. The pirates accompany the ship, carrying the crew members up to the border where a ship of the Indian Navy is anchored.
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