World News
STX Pan Ocean Bankruptcy Could Have Significant Impact on J. Lauritzen Results
J. Lauritzen has warned that STX Pan Ocean Co., Ltd. (STX Pan Ocean)'s bankruptcy filing could have a significant impact on the shipowner's financial results.
In a statement made to the Oslo Stock Exchange, Lauritzen said it had not been informed by STX Pan Ocean about the implications for two capesize bulk carriers it has on long term time charter from Lauritzen Bulkers.
"J. Lauritzen's net result for 2013 will be impacted by the receivership and the impact may be significant, however, cannot be estimated at this stage," Lauritzen's statement read.
Maritime Denmark reported that Lauritzen will not be the only shipowner at risk of loosing money from STX Pan Ocean's bankruptcy, as the Korean firm operates a fleet of 346 vessels, of which 249 are chartered.
Bunker companies also at risk losing money, it said, and Ship & Bunker reported last week that STX Pan Ocean had its charter vessel m/v New Ambition arrested in the U.S., along with its bunkers, following claims by World Fuel Services (Singapore) Pte. Ltd it has failed to pay the supplier over $1 million in bunker costs.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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