Fruit terminal Seabrex in Rotterdam files for bankruptcy

Belgian New Fruit Wharf – in the capacity of Seabrex Rotterdam BV's owner – filed for bankruptcy of Seabrex.

Staff members, works council, trade unions and customers were informed of the decision.

The ownership of shares was taken over in the summer of 2009 from the Exbrex Group with the view to saving Seabrex, which was already in trouble at that time.

The current bankruptcy petition is the consequence of an accumulation of circumstances :

- Shortly after the taking-over of Seabrex' shares last year the sudden bankruptcy of the Ebrex Group also struck Seabrex due to the uncompleted detachment.
- A substantial decrease in the arrival of volumes due to climatic influences i.e. the earthquake in Chile, the aridity in South Africa and the floods in the Canary Islands, together with the economic crisis and the fierce competition of inland warehouses.
- The intended future plans of the local authorities (development of "Stadshavens") have recently been frozen due to the financial crisis implying for Seabrex that the step towards a new location is indefinitely postponed. In view of the move no investments in the Merwehaven location were made during the past years.

From that perspective the continuation of the company with its present cost structure at the current location is no longer justified.

For the port of Rotterdam's sake the supply of services to the actual customers will be continued by all parties involved as best as possible. Meanwhile BNFW investigates in the possibilities of taking active part in the Rotterdam fruit segment.