Court-appointed managers of Singapore’s Ocean Tankers Pte Ltd (OTPL) have filed to the Singapore court to return most of the OTPL managed vessels to shipowners as the company is running low on the necessary funding to bankroll its operations, reports Reuters.
Purportedly, this would allow OTPL to focus on its cash-generating sectors such as its oil lubricants business.
According to an update from OTPL’s judicial managers Ernst & Young LLP (EY) to creditors, the company is allegedly burning $540,000 per day to sustain the estimated 150 vessels in its fleet.
In the update, EY also forecasts that “by early November 2020, (Ocean Tankers) will not have sufficient cash to continue maintaining the vessels in the company’s fleet and the operations of the company’s lube plant, storage and terminal business.”
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Photo credit: Manifold Times
Published: 21 October, 2020
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