STX Pan Ocean Receivership Seen Reducing Ship Values on Sales
Following are comments from Erik Nikolai Stavseth, an Oslo-based analyst at Arctic Securities ASA, on the effect on the shipping market of STX Pan Ocean Co. (028670)’s filing for court receivership.
Stavseth commented by e-mail today. A drop in rates left STX unable to pay off its debt. The company has a fleet of ships that haul cargoes from grains to cars, its website showed.
“Every vessel is for sale. They are trying to sell what they think have best value first. The general approach will be redeliver charter tonnage and sell assets. So more vessels in sale and purchase market. It may act as a trigger for lower valuations.”
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