The lawsuit against DSV, in which the Danish forwarder is potentially on the hook along for several billions of dollars in damages, has taken an interesting twist.
(Our previous coverage is here, background; and here)
A quick recap
Last year, North American Sugar Industries filed a lawsuit claiming that DSV (now DSV Panalpina), along with BBC Chartering, had used a port it had owned in Cuba, but which was expropriated by the Cuban government …
Pacific International Lines (PIL) has issued a stark final plea to its creditors to vote in favour of its “last resort” restructure plan on 1 February or risk receiving just $2 per $100 from its liquidation.
The embattled Singapore-headquartered ocean carrier, founded in 1967, presented its final restructuring package to creditors including bunker suppliers and shipowners on 11 November.
PIL reminded creditors that the package involves a $600m cash injection from Heliconia, a …
The post ‘Back us...
https://theloadstar.com/back-us-or-lose-us-pils-final-desperate-plea-to-creditors/
“The company has determined that it is not commercially feasible for it to make payment(s) (comprising of principal and interest payable) under the S$60,000,000 [U$44.5m] 8.5% Fixed Rate Notes due 2020 (…) issued by the company and due today, 16 November 2020.” – Pacific International Lines, 16 November 2020.
Here’s a quick update about Singapore’s Pacific International Lines (PIL), which immediately brings memories of takeover talk over the past two years. And, …
The post On the wires: Is PIL...
https://theloadstar.com/on-the-wires-is-pil-drowning-or-waving-ask-cma-cgm-or-cosco-in-2021/
Singapore-based container carrier Pacific International Lines (PIL) has filed an application with a Singapore court for protection from winding-up or enforcement orders while it begins financial restructuring talks with creditors.
It said it had developed a restructuring plan with lenders and investor Heliconia Capital Management, part of Singapore’s sovereign wealth fund. The court order would impose a moratorium for four months during negotiations.
“The restructuring plan contemplates the...
Ocean carrier optimism is being driven by higher freight rates and cheaper fuel – but tumbling charter hire costs are proving to be the icing on their cake.
According to a recent Alphaliner report, containership daily hire rates have slumped by up to 50% since the coronavirus pandemic wrecked global demand and led container lines to off-hire surplus tonnage and decline extension options.
“Tonnage providers are looking at a bleak near-term future, …
The post Harsh reversal of fortune for...
https://theloadstar.com/harsh-reversal-of-fortune-for-containership-owners-as-charter-rates-tumble/
Ocean carriers are tightening up their credit terms with thousands of smaller NVOCCs [non-vessel-owning common carriers] due to mounting fears that many could go bust due to Covid-19.
Since the banning of shipping conferences, when credit indiscipline was considered an internal fineable breach of the terms of the rate-setting cartels, many carriers have granted generous credit facilities as an incentive to attract customers.
Indeed, before its collapse in August 2016, Hanjin Shipping …
The post S...
https://theloadstar.com/shipping-lines-tighten-up-credit-terms-for-financially-risky-nvoccs/
The risk of another major ocean carrier bankruptcy has grown with the worsening global economic outlook, liner consultancy Alphaliner said today.
It explained that the unprecedented amount of capacity withdrawn in April and May, a result of a collapse in demand, “will hurt carriers’ operating cashflows and further weaken their fragile balance sheets”.
Picking up on the carrier Altman Z-scores, as at the end of December last year, for the 11 largest …
Looking for signs of financial pressure and distress building in the supply chain?
You are in the right place: a few out there are struggling, I hear, but nothing major has happened yet.
Relieved?
Now, maybe you remember this story from ShippingWatch in September last year: “Maersk-owned Svitzer and its partner Crowley Maritime Corporation have decided to sell salvage and marine company Ardent.”
With hindsight, what a great decision that was.
“Ardent has gone bankrupt,” was the …
The post EXCLUSIV...
https://theloadstar.com/exclusive-market-insight-first-casualty-ex-ap-moller-maersk-jv-goes-bust/
Hong Kong-based start-up 300cubits will suspend its container shipping cryptocurrency tomorrow, as the industry enters “crunch time” for freight-tech.
In 2017, the firm set out to solve container shipping’s “booking shortfall”, a $23bn problem created by five million teu of ‘no show’ and ‘rolled’ cargo every year.
By introducing a booking deposit in the form of the teu token, a cryptocurrency based on the Ethereum blockchain network, 300cubits hoped to help eliminate the …
The post Low take-up...
https://theloadstar.com/low-take-up-forces-shipping-cryptocurrency-teu-token-out-of-circulation/
Hamburg-headquartered feeder operator Team Lines will cease trading on 11 February, after deeming its business model “unsustainable”.
It told customers, vendors and partners: “The decision has been made on the basis of the deteriorating market conditions in northern Europe over the recent years, combined with the ongoing consolidation process in the maritime sector.”
Team Lines, acquired by Antwerp-based Delphis (part of the Saverys dynasty) in 2006, was founded in 1991 from the …
The post ‘Unsus...
https://theloadstar.co.uk/unsustainable-team-lines-to-close-its-doors-next-month/