Brokers are rushing to sell off tonnage from Ocean Tankers, part of Hin Leong Trading, with a restructuring deal in the offing.
Accounting firm EY, Ocean Tankers’ court-appointed supervisors in Singapore, has put forward two restructuring proposals for the shipping company, one of the largest tanker names in Southeast Asia.
Ocean Tankers is being encouraged to sell some of its more modern units, with brokers now isolating some ships that have no claims against them.
According to Braemar ACM, as of July 10, in terms of dwt, at least 40% of the Ocean Tanker’s trading fleet was idle as uncertainty surrounds its restructuring procedures.
Based on AIS tracking of Ocean Tanker’s trading fleet, three VLCCs, five LR2s, three LR1s, 15 MRs and six handies are idling and sitting out of the trading fleet.
Restructuring announcements regarding Hin Leong and Ocean Tankers are expected soon.