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Parkroad Corporation on the brink

Seoul: Dry bulk owner and operator Parkroad Corporation is reported to have surrendered operation of eight of its vessels to Sinokor Maritime. However, a manager at the company is quoted as stating that Parkroad is looking for means to continue operating its vessels.

Parkroad, which has suspended its website, is said to be linked to a number of disputes for unpaid hire fees and also reportedly owes an undisclosed - but large - sum of money to creditor Shinhan Capital.

News reports indicate that the company's financial difficulties have arisen due to the combination of a currently declining dry bulk market and the extremely high rates at which Parkroad had chartered in additional vessels to bolster its owned fleet of approximately ten vessels.

The company is said to be operating a skeletal staff at its head office in South Korea. It also operates offices in Singapore, Shanghai and Jakarta.  [24/11/08]

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