Law firm Rajah & Tann has apologised for suggesting Singapore’s Siva Shipping was insolvent. As originally reported by Splash three days ago, senior management at Siva denied reports carried by Bloomberg and carried in local Singapore media that it was insolvent. The report cited law firm Rajah & Tann.
Siva’s CFO, Deepak Bhandari quashed the speculation however, telling Splash: “This is not correct and totally wrong.”
Bhandari said the majority of Siva’s fleet of 10 vessels, made up of chemical, LPG and ethylene tankers as well as OSVs, is on long-term employment.
“We are also doing substantial dry bulk freight business and are a profit-making entity,” Bhandari maintained.
“Rajah & Tann Singapore clarifies it should not have referred to Siva Shipping as an insolvency matter in the article,” the law firm said in an emailed response to Splash today.