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The note to Luxembourg Stock Exchange

Moby: ready to sell its tugboats

by Port News Editorial Staff

In a note sent to the Luxembourg Stock Exchange, Moby announced that it had begun negotiations with a third-party operator “for a possible sale of its tug business unit as part of the group’s restructuring plan still awaiting approval”.

The group led by Achille Onorato explained that “the company has recently closely monitored the situation in order to consider possible opportunities for its tugboat division as there is a progressive consolidation in the towage market in the Mediterranean”.

“If the sale is successful,” reads the Blue Whale note, “the proceeds will be used primarily to pay off the company’s creditors.”

Translation by Giles Foster

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