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.
The U.S. Coast Guard (USCG) has announced an extension of the renewal grace period for expired merchant mariner credentials (MMC) in response to the recent challenges faced by the domestic...
By Stephen Treloar and Kari Lundgren (Bloomberg) — The vessel that will tap Norway’s newest oil field is now undergoing final checks before setting sail for the Barents Sea, the...
Inbound cargo volume at the United States’ major container ports is expected to stay above 2 million Twenty-Foot Equivalent Units (TEUs) through the summer and into early fall, highlighting the...
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