Singapore banks may miss the O&M boat when sector recovers

IT IS no secret that the big three local banks have resorted to foreclosing vessels to salvage outstanding loans extended to offshore and marine (O&M) companies under distress.

DBS group chief executive, Piyush Gupta at a Singapore Maritime Week panel session openly joked that the bank has emerged as "a reluctant owner" of shipping assets.

Mr Gupta made this remark in late April, just weeks after a former stock market darling, Ezra Holdings, filed for Chapter 11 bankruptcy protection. Two other listed O&M players, Swissco Holdings and Swiber Holdings, have headed into judicial management (JM).