Singapore banks may miss the O&M boat when sector recovers
In the meantime, other players are picking up assets on the cheap while the banks ponder their next moves
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).
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