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Gentleman agreements sustain Stadil's loss-making ships

Sale of ships contributed to a negative equity of USD 75 million in 2017 for the Stadil family's company Sofia Shipping A/S. A series of gentleman agreements ensure that the group does not need fresh capital, Thor Stadil tells ShippingWatch. 

Photo: Thorco

The Stadil family has made a series of so-called gentleman agreements with creditors in deficit-making enterprise Sofia Shipping A/S, in which the ownership of several expensive ships are placed, explains Thor Stadil, who along with his son Christian Stadil owns a series of shipping companies through their Thornico group.

According to Stadil, the deals are not legally binding, but are instead based on mutual understanding. And this helps sustain the company, which has booked major deficits in recent years, he tells ShippingWatch.

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