Polaris Shipping, the world’s largest owner of very large ore carriers executes a USD26.5 million bond issue, which will mature in a year to raise working capital.
The tanker sector is not expected to recover until text year, which could be pushed back even further if more ships are ordered.
Swissco, which like its peers Swiber and Ezra, have faced headwinds after oil prices collapsed in late 2014, made the application in November 2016.
Nam Cheong said that it is in talks with its principal lenders to address “significant” debt maturities, which could involve refinancing and the restructuring of loans.
Marco Polo Marine is trying to convince its lenders to give the company time to work out its financing and debt restructuring.
The May loading programme is pushing up rates for Very Large Crude Carriers (VLCC's) across the board.
Capesize operators are unlikely to find rate relief anytime soon as ore prices continue to fall.
Hanjin's collapse and the new liner shipping alliances has led to a reduction in the number of South Korean port calls being made by the carriers.
The 2,600 dwt tanker was designed and built by the Damen Shipyards Group, and features a blend of technologies, including gas-electric propulsion, under-hull air lubrication, and retractable shaft tunnel covers.