REBRANDED Pan Ocean, arising from the bankrupt North Korean STX Pan Ocean, is having difficulty disposing of its remaining containerships, reports Alphaliner.
The sale of its same size 1,732-TEU duo, STX Qingdao and STX Dalian, built 2009 and 2010 at Guangzhou Wenchong, has failed to arouse buyer interest, said the report.
Another Wenchong newbuilding, the 1,815 STX Ho Chi Minh remains stuck at the yard after failing to secure a buyer, after being on the market for almost a year.
The 1,404-TEU STX Singapore, built 1991, was sold for scrap to Bangladeshi buyers for US$2.5 million while the 702-TEU POS Yokahama, formerly the STX Yokohama, has been chartered to Hanjin Shipping.
Pan Ocean, which also operates, a fleet of breakbulk carriers, tankers and bulkers, retains the 932-TEU Reverence on the Inchon-Qingdao shuttle and the 702-TEU STX Tokyo on a Busan-Japan loop.
Pan Ocean will drop the STX prefix as STX Corp as its affiliates no longer have substantial holdings in the company following the company's rehabilitation deal in November.
The debt restructuring deal, comprising two capital reductions and a debt-to-equity deal, involves a ten-to-one share reduction on November 29, 2013 for shares held by STX Corp, STX Offshore & Shipbuilding, STX Engine and STX Group chairman Duk-Soo Kang.
Ordinary shareholders suffered a two-to-one cut. The total number of shares will be reduced by 113.5 million units from 205.8 million shares to 92.3 million.
Unsecured creditors will receive 33 per cent of the debt in cash, with the remaining 67 per cent converted to equity. Cash installments start at two per cent in 2014, and will increase to 22 per cent in 2018 and 2019, followed by 66 per cent between 2021 and 2023. Secured creditors receive cash in full - 60 per cent in 2014 and 2015, the remainder in 2016.
This was approved by Seoul Central District Court on November 19, receiving 100 per cent support from secured creditors and 74.5 per cent from unsecured creditors.
WORLD SHIPPING
08 January 2014 - 00:26
Rebranded Pan Ocean finds old containership sale a hard sell
REBRANDED Pan Ocean, arising from the bankrupt North Korean STX Pan Ocean, is having difficulty disposing of its remaining containerships,
WORLD SHIPPING
08 January 2014 - 00:26
Rebranded Pan Ocean finds old containership sale a hard sell
This news 8777 hits received.
These news may also interest you