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Torm's nemesis leaves Excel Maritime

First he was rejected as CEO of dry bulk carrier Excel Maritme, and now the Greek shipowner and former Torm-owner Gabriel Panayotides has left the major carrier entirely, according to Lloyd's List.

Photo: LARS KRABBE

Many people in the industry have probably been waiting for this to happen. When Greek shipowner and former major shareholder in Torm Gabriel Panayotides and his family would get enough and walk away from the Greek dry bulk carrier Excel Maritime Carriers.

According to Lloyd's List, this has now happened, and the Panayotides family has sold its remaining stake in the company, estimated to be around eight percent, after the family lost its position as primary stakeholder with 52.2 percent of the shares following the restructuring process, which lasted several years and which resulted in private equity fund Oaktree investing USD 175 million in fresh capital and converted debt.

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