World News
STX Pan Ocean Makes U.S. Bankruptcy Filing
South Korean bulk shipper STX Pan Ocean Co. Ltd. (STX) has filed for bankruptcy in the U.S. to protect its assets from creditors in that country after filing for receivership in South Korea, Reuters reports.
Court-appointed administrators for the company told a U.S. federal bankruptcy court that it has faced declining rates in the dry bulk market, but that it has several long-term contracts that it can reorganise around.
The filing seeks a court ruling recognising the South Korean receivership process as a "foreign main proceeding" and a halt to existing and potential litigation in the U.S.
The company, which initiated the South Korean receivership process earlier this month, has said it faced a "liquidity crunch" that kept it from repaying its debt of about 5.51 trillion won ($4.81 billion).
STX has already has two of its vessels, m/v New Ambition and m/v Pos Leader arrested in the U.S. state of Washington following claims by World Fuel Services (Singapore) Pte. Ltd it has failed to may some $1.9 million in bunker costs.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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