Negotiated resolution with Italian shipowner lifts court-ordered arrest of vessel

Hamilton, ON ~ Cutter Marine has negotiated a resolution with Italian ship owner Setramar, closing on its purchase of the cargo ship Ardita and freeing Setramar’s crew to leave the ship and return home in time for the holidays.

Cutter was in the process of purchasing the Ardita when it brought the ship to Hamilton last April to be transferred to Canadian registry.  However, the closing of the charter and purchase was impeded by Setramar’s bank, resulting in a federal court-ordered arrest of the ship and stranding the crew aboard the vessel in Hamilton for the past nine months.

“We’re delighted that the crew of the Ardita can return home in time for the holidays,” said Cutter President and CEO Peter Stewart. “We boarded the ship this morning to present the crew with Christmas gifts, but I know the real gift was the ability to return home to their friends and families.”

The Ardita will remain in Hamilton over the winter but will return to Europe in the spring. The vessel will be traded internationally and reflagged in Malta.

Established in 1956, Cutter Maritime Inc is a marine services company delivering transportation and project services solutions. Its versatile fleet of tugs, barges, workboats and bulk carriers operate throughout the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic.

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