Friday, July 12, 2019

Update On JP Morgan's Cocaine Ship: The MSC Gayane May Not Belong to JP Morgan

On Wednesday we went with ZeroHedge's link to the Wall Street Journal in MSC "Ship Seized In Record $1.3 Billion Cocaine Bust Belongs To JPMorgan", noting up front one error in the story, that the Gayane was the world's "second largest container ship".
There may be a second, larger error in the story.

From The Old Salt Blog, July 11:

Update: Who Owns MSC Gayane? Does it Matter?
Recently, we posted about the MSC Gayane, the container ship seized on Monday by US Customs following a $1.3 billion cocaine bust last month in Philadelphia. We said that the ship was not owned by Mediterranean Shipping Company (MSC) but by a shipping fund controlled by JP Morgan. We based this on a Fairplay article from October reporting the sale of the ship from SinOceanic.
Today, however, Captain C Allport commented that according to Equasis, the ship was sold by SinOceanic to MSC in October. Likewise, ship management responsibilities were taken over by MSC at about the same time. The source for this information on Equasis is listed as IHS Maritime.
On the other hand, the Wall Street Journal identifies the MSC Gayane as being owned by J.P. Morgan Asset Management and chartered to MSC. 

Who owns the MSC Gayane?  Right now, reliable sources say either MSC or JP Morgan.  Which is correct? Good question....
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