HUDSON SHIPPING COMPANY GOES BANKRUPT DUE TO US SANCTIONS

The Arbitration Court has introduced supervision in relation to the Hudson shipping company (SC) in the Primorsky Territory - its term will last until February 10, 2022.  The bankruptcy process was initiated by the ‘Garant-Bunker’ company, which presented financial claims for a debt of a total amount of 13.35 million rubles, including forfeit.

Interim manager Andrey Khodakov will have to form a register of persons to whom Hudson has financial obligations.

Claims to the shipping company have already been filed by Nakhodka Shipyard and Fesco Service.  The arbitration court will consider them on September 30 and October 6, respectively.

The reason for the financial problems of the shipping company was the US sanctions imposed in connection with the provision of services for the Russian military.

The transportation of cargo to the military base of Russian nuclear submarines in the city of Vilyuchinsk actually became the basis for the ruin of the company.  After the imposition of sanctions, one of the Hudson’s ships was arrested in Singapore and accumulated debts for servicing in the port.

Soon the problems occurred with the ‘Patriot’ tanker, which got stuck at a shipyard in the port of Ningde (China) - the company was unable to pay for the scheduled repairs.  As a result, the ship was mothballed for a long period, and the crew was evacuated to Vladivostok through Japan.

According to representatives of company, Hudson was the only shipping company in the Far East that was slapped with the US sanctions.

The company, which employed more than 100 employees at the beginning of 2020, started having problems with non-payment of wages.  The head and main beneficiary of the company, Gennady Kononenko, came under criminal prosecution.