Toisa Fleet to Be Put Up for Sale

Shipbroking services provider Clarksons has been selected to sell vessels of a financially-troubled shipping company Toisa Limited, according to the US Bankruptcy Court.

On January 29, 2017, Toisa filed a petition for relief under chapter 11 of the Bankruptcy Code with a debt of more than USD 1 billion.

As explained, Clarksons has been employed to sell the company’s tanker and bulker fleets, as well as to assign the contracts for the purchase of six tankers under construction.

Toisa has a fleet of thirteen tankers, seven bulkers and 26 offshore oil service vessels. The company’s offshore fleet is currently laid up in drydock.

The sale of ships and the assignment of newbuilding contracts are expected to help Toisa in its restructuring efforts.

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