Default II

In a report earlier this week, Fearnley Fonds reported that “Armada’s Singapore unit filed for bankruptcy following defaults by Fortescue Metals amounting to about USD 200m over the duration of contracts to 2014 and defaults of contracts worth about USD 170m with an unnamed Indian charterer. “The cumulative value of the total number of claims which the company could be facing in the course of the next few days, or weeks, at the very least, would be in the region of USD 500m,” Managing Director Tommy Jensen Rathleff said in the filing. Among a host of 64 creditors, Kawasaki Kisen is owed about USD 95.5m, while Transfield Shipping is owed USD 113m, according to an affidavit filed by Armada. With rates at current levels we believe there will be more

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