The winding-up of Singapore-listed Rickmers Maritime Trust has been completed.
Rickmers Maritime noteholders and other unsecured creditors will receive a recovery rate of just 12.1% as the listed shipping trust is wound-up.
Singapore-listed Ezion Holdings has suspended the trading of its shares as it revealed that the company is in talks with various stakeholders for a financial restructuring.
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.