In a note to clients researchers said lowerthan expected VLCC and suezmax rates have eaten away at the Belgian shipowner’s reserves.
“Witha continued cash burn of [around] $12m per quarter by our estimates, webelieve it will be in breach of minimum cash covenants in Q3 2013,” they added.
Thebank believes refinancing and additional asset sales are on the horizon unlessfreight rates gain traction and top grim market forecasts.
Theanalysts
