STX PO/Chemoil/Golden Ocean/Noble: Co’s are among the 140-odd creditors listed on K-Line's bankruptcy court filing. GOGL has 2 panamaxes out on charter to K-Line until May 2015 at rates of usd26,600/day, significantly higher than today's spot rate, while STX highlights it has an exposure of a few thousand dollars….
CHEME's highlights 'OceanConnect Marine's exposure to K-Line is considered immaterial in nature since CHEME ops a proactive credit system and uses a range of credit protection tools, including but not limited to credit insurance, to minimise any exposure to customer defaults….
Also involved might be Noble Grp, whose exposure to K-Line's solvency woes comes in the form of a panamax vessel. As at Jan, K-Line had liquid assets US$60.66m vs US$186.9m in debts due and operating expenses as at Feb.
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