DFDS cancels planned vessel swap with Moby
Denmark’s DFDS has cancelled its agreements with Italian ferry operator Moby regarding the sale by Moby to DFDS of the vessels Moby Wonder and Moby Aki, and the acquisition by Moby from DFDS of the vessels King Seaways and Princess Seaways.
The agreements were due to be completed in the second half of October 2019.
The reason for the cancellation is that Moby has been unable to deliver to DFDS the Moby Wonder and Moby Aki vessels free of the vessel mortgages that have been granted to Unicredit as Security Agent for Moby’s secured financings.
Moby believes that Unicredit was contractually obliged to provide consent to the release of the vessel mortgages as security agent, and intends to raise this issue formally with Unicredit as security agent and with its lenders.