Seven Dongfang Ships Seized

Reuters
Monday, June 11, 2012

Banks have seized seven of Dongfang Shipbuilding's tankers due to outstanding debts

According to Reuters, Credit Suisse and a group of Chinese banks have seized seven of Dongfang Shipbuilding's tankers due to outstanding debts of around $250 million after the Singapore Supreme Court ruled in favour of the creditors, a minority shareholder said.

The Singapore-based shipbuilder was delisted from the alternative investment market of the London Stock Exchange last week after struggling for months to stay afloat in the face of a severe downturn in the maritime industry.

Dongfang was previously contracted to deliver the seven vessels to European-based clients, which later cancelled the orders, former Dongfang chairman Narayanaswamy said, without identifying the clients and the value of the contracts.


 

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