It’s early days as liquidator Stephen Gore begins determining the assets and liabilities of SA Independent Liner Services (Sails), the South Africanregistered shipping line placed under provisional liquidation in the Cape High Court two weeks ago. It is a process Ian Wicks, Sails founder and twice suspended MD, estimates could be wrapped up within six or seven weeks. Wicks says Gore’s mandate will be to secure whatever company assets there are, to pay creditors. “There will obviously be cash but it’s hard to say what the assets are.” (He believes total debt to be of the order of US$40 million). One of the first tangible moves in this sorry affair is that the 1 125TEU, Orinoco River, in Cape Town’s Duncan Dock for the past 15 days after the Sheriff of Cape Town issued an arrest order over unpaid bunkers taken on in Rotterdam, could be departing soon. The matter is in the process of being settled, the Sheriff indicating to FTW that the owners of the vessel are likely to buy the bunkers. “When they are sold, a fund will be created out of which various creditors will be paid. This makes a lot of sense because then at least we don’t have to pump the bunkers from the vessel.” Even though the Orinoco River Sails charter agreement has a year to run, Wicks says her European owners have taken her back, in other words out of the charter. As to cargo destined for South Africa and West Africa at the time Lonrho sought the winding up of Sails, Wicks says it depends pretty much how the liquidator handles the matter “but I think in a case like this the clients are not going to pay unless they get their freight delivered.” He believes the demise of Sails, a fait accompli unless the liquidator decides otherwise, has come as a huge shock to the line’s strong client base of around 350, including some wellknown names in fruit and wine. “Everybody is going to have a problem when the next deciduous and citrus seasons get under way as there is not enough reefer space on ships out of South Africa. Wicks, on record that were he to start a liner shipping business again, the investor would have to come up with US$70 million up front, is convinced there is still place for another carrier on the North Europe-South Africa route. As to communication between Lonrho and Wicks, there has been none.
