Cash-strapped Trada Maritime Risks Default

Posted by George Backwell
Thursday, June 05, 2014
File image

Indonesian shipping company PT Trada Maritime Tbk is at risk of defaulting on its debt of around $31 million to the International Finance Corp (IFC), the private sector lending arm of the World Bank.

Trada Maritime received a letter dated May 28 from the IFC requiring it to pay a principal amount of $30.57 million as well as interest and other costs of $774,360 within three working days, the company said in a stock exchange filing on Thursday.

Trada Maritime also owes $15 million to Bank of Tokyo-Mitsubishi UFJ Ltd. The company had discussed ways to pay off its debt to its creditors and they will have another meeting on June 17, it said.

The potential for default underscores the plight of the Indonesian shipping sector, which has been struggling with a heavy debt burden, oversupply and lackluster rates.

Last month, the chief of unlisted PT Pelayaran Nasional Indonesia was replaced after the state-owned shipping company suffered a loss in 2013, local media reported.

Oil and gas shipping firm PT Berlian Laju Tanker, which narrowly escaped bankruptcy last year, said in January it had cut its fleet size by 44 percent and will transfer a stake in its subsidiary to one of its creditors.

(By Fransiska Nangoy;

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

Legal

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Tanker Trends

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

German Shipowner Worst Global Dumper -NSP

German shipowner Ernst Komrowski topped the list of the worst global dumpers with 14 end-of-life vessels sold to the beaches, according to a press release from NGO Ship-breaking Platform (NSP).

Finance

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1793 sec (6 req/sec)