World News
US Court: Taiwanese Banks Should Allow TMT to Pay Bunker Suppliers
A U.S. court has ruled that troubled Taiwanese shipper Tomorrow Makes Tomorrow (TMT)'s vessels should be allowed to use cash to pay bunker suppliers, TMT said in an emailed statement.
Banks in Taiwan were said to have denied TMT owner Nobu Su money to pay fuel and crew costs for the C Ladybug at Antwerp and the A Whale off Suez.
"This is the first step in the right direction," Su said.
"I want to keep TMT afloat precisely in order to pay off all my outstanding debts but I cannot do that if the banks deny me the means to maintain my ships."
Su said a recent U.S. Chapter 11 bankruptcy filing means he can keep ships operating, bringing in more money for the company.
"Everyone knows the shipping business is in dire straits since the pricing scandals of 2008 and the collapse of the world economy," a TMT spokesman said.
"Nevertheless 90 percent of all world trade is undertaken by ships and there is a future if we just accept to be patient."
TMT announced last week that 23 associated single-ship companies had filed for bankruptcy in the U.S., following run-ins with banks including the Royal Bank of Scotland (RBS).
A lawyer in the Netherlands recently said that TMT, as well as fellow bankrupt shipping company STX Pan Ocean, may be vulnerable to the arrest of vessels in the Amsterdam-Rotterdam-Antwerp (ARA) area regardless of bankruptcy protection in other countries.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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