World News
Dry Bulk Downturn Claims Another Victim as Shipper Files for Bankruptcy
Thursday September 17, 2015
Weak dry bulk rates have sent dry-bulk shipper Global Maritime Investments Cyprus Ltd. into Chapter 11 bankruptcy protection, The Wall Street Journal reports.
The company reportedly filed for bankruptcy Tuesday, with an aim to liquidate the business in an "orderly fashion."
The company had reportedly been reporting fiscal losses in both 2014 and 2015, and also purportedly has about $169 million in unsecured debt.
The shipper said that overcapacity and the excess of ships chasing business had made it difficult for Global Maritime Investments to pay its loans,
Earlier this year, it was reported that dry bulk rates had sunk to historic lows. with a recovery not predicted for at least another three years.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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