![Overseas Shipholding Won’t Need Bankruptcy Financing [MARKET TALK]](https://gcaptain.com/wp-content/uploads/2012/11/Screen-shot-2012-11-15-at-8.04.30-AM.jpg)
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.
[email protected]. (c) 2012 Dow Jones & Company, Inc.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Two fully laden Chinese oil tankers are waiting near the Strait of Hormuz with a third on its way, putting them in a position to become the first such vessels to leave the Persian Gulf under a day-old US-Iran ceasefire, even as shipowners scrutinize the details of the truce.
President Donald Trump said Tuesday he has directed the U.S. government to provide political risk insurance and financial guarantees for maritime trade transiting the Persian Gulf, while signaling that U.S....
A shipowner’s once-in-a-generation wager on oil tankers has made it so powerful that it controls an overwhelming majority of supertankers that can collect American oil next month.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
