Day of reckoning looms for boxship owners
FIVE weeks from now, many containership owners could be staring at bankruptcy after year-end audits finally force the issue of asset values into the open, with probably far-reaching consequences.
Until now, technically insolvent owners have been able to muddle through the industry collapse, arguing that it was impossible to value their ships at a time when there was no secondhand market to provide benchmark prices.
That is no longer...
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