Overseas Shipholding’s (OSG) Chapter 11 filing to deal with its bulging debt isn’t a surprise. And it also won’t be the last maritime shipper to do so as the industry continues to deal with big fleet levels and moribund charter rates.
OSG says there’s no reason to worry about the company’s operations. It’s going to be a rare case where a firm won’t need bankruptcy financing while OSG “expects to generate significant cash flow while in Chapter 11.”
Shares, inactive premarket, are down more than 80% the past month amid bankruptcy-filing fears.
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In response to escalating regional conflicts in the Middle East, the U.S. Maritime Administration has issued a new advisory to shipping that enhances previous guidelines for U.S.-flagged commercial ships navigating...
The European Union’s Operation ATALANTA says multiple pirate action groups may still be operating in the Indian Ocean following the rescue of the MV Ruen and its 17 crew members...
By Gloria Dickie and Lisa Baertlein LONDON/LOS ANGELES, March 18 (Reuters) – Efforts to limit environmental damage from a cargo vessel that sank after a Houthi missile strike and another abandoned during...
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