Ezion warns of $1bn annual loss

Ezion warns of $1bn annual loss

Embattled Singapore liftboat specialist Ezion Holdings has warned it is likely to report a full year loss of $1bn for 2017.

The world’s second largest operator of liftboats is currently undergoing a massive refinancing exercise. In a note to the Singapore Exchange, Ezion attributed the likely loss to $900m of impairment losses on revaluing its fleet.

“The oversupply of offshore logistics vessels and jack-up rigs in the industry has resulted in lower charter rates and depressed the market value of our assets, lowering the Group’s gross profit margins and cash flow,” Ezion admitted in the release

The group will officially unveil its annual results on March 28.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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