Maritime sector needs help to ride out storm
The industry faces more issues than help, especially with local banks, when caught in a challenging economic climate.
THE raging and persistent turbulence in the maritime sector has destabilised not only many industry players, but also minority retail shareholders and noteholders, who have suffered as restructuring efforts have been lacklustre and futile.
It started with Swiber, Swissco, Rickmers and then Ezra. The spotlight is now on Marco Polo Marine and Nam Cheong. What do they have in common?
In their heydays, they were market darlings, courted by banks, followed by analysts, and loved by shareholders and bondholders with insatiable appetite to "invest" in their future and share the rewards. Risks were far from their minds. What could have possibly gone wrong?
Copyright SPH Media. All rights reserved.
