W.E.M. Lines S.A. lets bank take over its vessels

Both ships formerly in the fleet of W.E.M. Lines S.A. recently arrived off Aruba, indicating that owners had surrendered them to mortgagees. The company confirmed this to us today. The vessels are the RM DYNASTY and the RM POWER, both 2004-built bulk carriers. The company has a history going back over many years of its ships being arrested for the non-payment of debts. Several ship suppliers have notified us of debts unpaid. Read our further comment here.