Analyst: Banks and tanker carrier in trench warfare

The market analyst company Platou, who recommended investors to buy the shares in the beleaguered tanker carrier OSG a few months ago, expects that the carrier will find a solution to its serious capital crisis.

Photo: Hanjin

The market analyst company Platou Markets thinks there is an obvious trench warfare going on between the beleaguered Overseas Shipholding Group (OSG) and the banks concerning the future of the tanker carrier. The American carrier is among the largest in the world with a fleet of 150 ships but it is a desperate need of capital.

The carrier will have a new credit facility of USD 900 million in February of 2013. However, in spite of this injection, the carrier is allegedly still hundreds of millions short in order for the company to repay its bank debt of a total of USD 1.5 billion in February.

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