Rickmers Maritime auditors warn of another $360m of impairments against the value of its fleet if it liquidates as the Singapore shipping trust fights for survival.
Alternative investment firm Uni-Asia Holdings, which operates dry bulk vessels via shipowning arm Uni-Asia Shipping, has proposed an internal restructure by way of a scheme of arrangement.
The new year has begun in great optimism and rolling on the positive mood of the previous year. The larger vessel classes are expected to lead the charge as the freight market heads towards recovery- with players hoping this is a new beginning rather than another false dawn.
Singapore-listed Cosco Corp (Singapore) looks set for a lengthy suspension from trading as it awaits the results of the restructuring of China Cosco Shipping’s shipyard business.
IMC Shipping has become the first new member of the Baltic Exchange since it was taken over by Singapore Exchange (SGX).
Last Friday in a swansong, before the sale of the Baltic Exchange to the Singapore Exchange (SGX) was finalised today, outgoing chief executive Jeremy Penn made a speech defending the deal that sees the sale of one of shipping’s oldest institutions moving from London to Asia.
The Singapore Exchange (SGX) has reprimanded Swiber Holdings for failing to be transparent over its announcements of a $710m deal in West Africa, and the exchange has referred the case to the relevant authorities.
Rickmers Maritime has successfully passed the first hurdle to its financial restructuring with it approved by unitholders, however, the much more difficult issue of its bondholders awaits next week.
The final chapter of saga which has seen the Baltic Exchange make landfall on the sunny island of Singapore looks set to be written before the end of the year.