World News
Troubled Shipowner Toisa Succumbs to Bankruptcy in the U.S.
Wednesday February 1, 2017
Cash-strapped shipping company Toisa Ltd (Toisa) has filed for U.S. Chapter 11 bankruptcy, citing dropping demand for its vessels as the cause, Reuters reports.
Court documents show that the company, which is owned by Greece's Gregory Callimanopulos, has over $1 billion in debt.
Toisa is reported to have been in talks with its creditors earlier this month, but succumbed to bankruptcy after several of the company's lenders took action on their loans, threatening the company with vessel arrests.
Toisa has a global fleet of 26 offshore oil service vessels, 13 tankers, and seven bulk ships.
In early January, BIMCO said 2017 will be another tough year for major shipping sectors, including tankers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 641.00 | 4.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 629.50 | 2.00 | 802.50 | 6.50 |
| Fujairah | 647.50 | 2.00 | 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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