Feed items

Court-appointed administrators for the company told a U.S. federal bankruptcy court that it has faced declining rates in the dry bulk market, but that it has several long-term contracts that it can reorganise around.
The filing seeks a court ruling recognising the South Korean receivership process as a “foreign main proceeding” and a halt to existing and potential litigation in the U.S.
STX has already has two of its vessels, m/v New Ambition and m/v Pos Leader arrested in the U.S. state of Washington following claims by World Fuel Services (Singapore) Pte. Ltd it has failed to may some $1.9 million in bunker costs.
From Ship & Bunker

Source: In These Times

Source: CBS

Source: Times Union