Singapore’s OSV player Vallianz has reached an agreement with eight of its trade creditors for them to subscribe to new ordinary shares of the company in exchange for setting off trade payables amounting to approximately SGD3.13m ($2.26m).
Shipowner Courage Marine, which currently owns only two bulk carriers, has proposed to split one existing share into three in an attempt to boost trading liquidity.
Singapore-listed OSV owner Vallianz reported a loss of $208.1m in the fourth quarter ended by 31 March 2017 hit by hefty writedowns.
Singapore-listed Marco Polo Marine has suspended its shares from trading as it fails to reach agreement on refinancing and restructuring with some if its lenders.
Excess capacity in shipping and offshore will not go away “in a hurry” due to the sectors having witnessing a prolonged period of having access to “too much cheap money”, according to Piyush Gupta, ceo of DBS Group.
The Singapore Shipping Association (SSA) is working towards boosting Singapore’s debt and equity markets with the launch of a Maritime Capital Forum later this year, as part of a wider blueprint for growth in various key areas in 2017.
Rickmers Maritime is being wound-up after failing to agree a financial restructuring.
The steep drop in the price of oil and resultant de-couupling of the link between crude and LNG prices could be the spark that the clean burning gas needs to explode in popularity and result in the development of a true Asian gas market while shipping will play an integral role in this, speakers at Marine Money's 10th Hong Kong Ship Finance Forum said.