The downturn coupled with scarce financing options mean owners could join the likes of OSG, General Maritime, Berlian Laju Tanker, Torm and Eagle Bulk in either going bankrupt or being forced into a major financial overhaul, the ratings agency says in a report.
It cites the now familiar woe of poor earnings as a result of oversupply of tonnage as the main reason for lenders being reluctant to risk any further exposure to shipping markets.
"We
