Samsun Warns Of 'grave' Risk

摘要

Last week's Chapter 15 filing revealed both the extent of Samsun Logix's financial woes and fallout fears for the entire Korean shipping sector. Samsun described how its cash flows deteriorated on plunging rates, sub-charterer insolvencies and currency losses, with a large portion of its debts denominated in currencies that appreciated versus the won.rnSamsun suffered a $24.1M loss last year after adjusting for currency. Its predicament dramatically worsened in October. Since then, Samsun has suffered cash shortfalls on a monthly basis ranging from $8M-$16M. Samsun said that, barring a turnaround in freight rates and currency, its deficit for 2009 "will increase incredibly".