A member advisory from Skuld P&I said Daebo International had filed for rehabilitation proceedings on 11 February. Should the courts grant the petition Daebo International will enter into a process somewhat similar to Chapter 11 in the US, with a receiver typically appointed by the courts.
“Members who have any open position with Daebo should urgently check the same and assess the current state of performance and what further performance obligations may still be due,” Skuld advised. “That includes checking against any unexpired charterparty periods as well as any due payments for hire, freight or other sums.”
Daebo International’s website lists that it has a fleet of eight vessels, including four panamaxes and one handymax bulker.
It is the third dry bulk shipping company to file for bankruptcy protection this month following China’s Winland Ocean Shipping and Denmark’s Copenship.
Key dry bulk market indicator the Baltic Dry Index has been trading at all time lows, although it moved up marginally on Friday to close at 513 points.
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