Negative report sees Ezra Holdings shares tumble

“No turnaround in sight.” That was the conclusion of DBS Bank summing up the outlook for Singapore offshore services firm Ezra Holdings in a research note which sent Ezra Holdings shares tumbling over 8% on the Singapore Exchange today.

The bank downgraded Ezra to full value at 6 cents, highlighting the negative headwinds affecting its subsea and OSV businesses, with the subsea JV – EMAS-Chiyoda Subsea – operating below breakeven, and a stunningly bad fleet utilisation at barely 50%.

Ominously the report continues: “While Ezra has secured waivers for technical covenant breaches, the focus will remain on keeping afloat.”

Ezra stocks are trading half a cent down at 5.4 cents on the back of the report, compounding the negativity surrounding the company which last week saw banks taking a majority share in subsidiary Triyards as collateral. Ezra Holdings handed a 30.46% stake in Triyards to DBS Bank and a 30.46% stake to OCBC Bank in a share charge arrangement.

Ezra has been reporting consecutive losses, and in January this year RHB Research said in a note that Ezra’s shares were trading at a price to book value which indicates that the market expectation for the group is bankruptcy.


Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.


  1. It’s a very interesting report on EZRA by DBS, would highly recommend reading the full report.

    Good to note that Triyards remains the bright spot amidst the gloom. However, DBS need to step from behind their Banking Secrecy Obligations and be transparent in stating whether their letters dated 30th July 2013 and 11 September 2013, which were used by the Directors of Strategic Marine Pty Ltd to significantly reduce the value of the Company prior to Triyards acquiring the assets, are 100% authentic in content and origin.

    This information has been requested from DBS since 25th August 2014, some 2-months before the acquisition of the Strategic Marine assets by Triyards Holdings on 15th October 2014.

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