A contact at one of Tanker International’s (TI’s) rivals says it might be tough to employ the US owner’s vessels even if it doesn’t file for bankruptcy due to concerns about counterparty risk and claims a Chapter 11 filing would make it even tougher given a general lack of understanding about the system.
“The guys out in the Far East [in particular] have issues because they don’t understand US bankruptcy law and today the tanker market is so soft and there are so many choices [of ships to charter] so charterers don’t need to address the tonnage,” they told TradeWinds.
“Even
