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Friday, December 16, 2016

Anniversary of the Bankruptcy of Cargo Ship Operator Hellenic Lines.


Hellenic Lines' Passenger Cargo Ship - Hellenic Star.
Hellenic Lines' Passenger Cargo Ship - Hellenic Star.
This past Wednesday (12/14/2016) marked the 33rd anniversary of the bankruptcy of Hellenic Lines. Hellenic Lines was a privately owned cargo ship company which also carried approximately 12 passengers on each of their cargo ships.  The company primarily operated older, geared cargo ships (ships with cranes to load and unload cargo) and was slow to make the conversion from loose, palletized cargo to full container ships. The company did convert many of their ships to hold containers on deck but introduced full container-ships much later than their competitors. When the line finally started to employ fully containerized ships, many of the company's trade routes (specifically project cargo to Mid East for oil production) dropped significantly. The company could not longer make their mortgage payments on their ships with forced their bankruptcy. Plans to reorganize was not to be and the ships were either scrapped or sold off to other operators.

The grey-hulled ships of Hellenic Lines were frequent visitors to New York Harbor sailing from Bush Terminals Pier 58 in Brooklyn and then later sailing from the Northeast Marine Terminal at 39th Street in Brooklyn.


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