World News
K-Line Says Suggestion of Possible Bankruptcy is "False"
Kawasaki Kisen Kaisha, Ltd. (K Line) Friday issued a statement explaining that an email circulated by another logistics company suggesting the potential bankruptcy of K Line was "false."
"The message contained in the e-mails is unfounded without basis of any financial analysis and what is stated therein is false. We have strongly protested to the said company, who has admitted that the statement was false and promised to send to their customers a message to retract such statement," said K Line.
"We are also considering to take any necessary legal measures that we may have against the concerned parties."
K Line further confirmed that the company's financial condition is sound with cash flow deposits as of June 30, 2016 at ¥214,304 million ($2 billion), total net assets at ¥330,392 million ($ 3.2 billion), an equity ratio of 29.1 percent, and a liquidity ratio of 154.5 percent.
K Line also notes that it currently maintains a credit rating at the same "sound and viable" level as other shipping companies.
"It is evident also from these figures that the messages sent by the said company to its customers are erroneous."
The development comes at a time of heightened concern over the financial health of box shippers.
Last month, Hanjin Shipping Co. (Hanjin), South Korea's biggest shipping firm and the world's seventh largest box carrier, filed for court receivership, paving the way for what would be by far the biggest ever container shipping failure.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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