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CSAV asks for rate decrease

CSAV asks for rate decrease
Loss-making container line CSAV has asked shipowners to reduce charter rates by 30%, according to Singapore?s Pacific Shipping Trust.

Loss-making container line CSAV has asked shipowners to reduce charter rates by 30%.

Loss-making container line CSAV has asked shipowners to reduce charter rates by 30%.

PST management said that CSAV had indicated it would require shipowners to agree to a temporary reduction in charter hire of around 30% as part of a restructuring plan, which aims to improve its financial position by $750m.

PST charters two of its fleet of 12 vessels to CSAV on five-year time charters that account for 30% of its annual revenues.

An analyst note from OCBC Research said that it expected PST to accept the reductions in charter rates, with few other options available in the market.

?PST"s manager acknowledged that vessels of comparable size to the two PST vessels are currently unemployed and while the current market rate would cover operating costs, it would likely not be enough to cover both interest expenses and debt repayments,? the report said.

Negotiations by CSAV with shipowners to reduce charter rates are in their early stages so it remains to be seen what the size of cuts owners across the board are willing to agree to.

www.TurkishMaritime.com.tr

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