Examining CT Bk5 Economics

[Timerover51]

The following item appeared on the Great Lakes and Seaway Shipping website under the This Date in History for January 2nd. I thought that it might be of interest as it does cover an aspect of shipping economics that is not often considered.

The Panamanian freighter Theodoros A. was on its second trip to the Great Lakes when it was seized by United States Marshals on Nov. 8, 1959. The vessel was on a voyage carrying grain from Port Arthur, Ontario, to Venezuela when the authorities stepped in due to accumulation of a reported $100,000 in debts.

 

[Carlobrand]

The following item appeared on the Great Lakes and Seaway Shipping website under the This Date in History for January 2nd. I thought that it might be of interest as it does cover an aspect of shipping economics that is not often considered.

The Panamanian freighter Theodoros A. was on its second trip to the Great Lakes when it was seized by United States Marshals on Nov. 8, 1959. The vessel was on a voyage carrying grain from Port Arthur, Ontario, to Venezuela when the authorities stepped in due to accumulation of a reported $100,000 in debts.

Any details as to the nature of the debt? Something the ship owed, or something the owner of the cargo owed?

 

[Timerover51]

Any details as to the nature of the debt? Something the ship owed, or something the owner of the cargo owed?

It appears that it was unpaid port fees, unpaid canal and lock fees, and some unpaid fuel bills. The cargo was transferred to another ship for delivery, so not anything to do with the cargo. The ship was eventually sold at a sheriff's sale for the unpaid bills, and oddly enough, a few years later, went through the process again at the island of Malta.