POSH Terasea hit by another default

Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) says that its 50% owned subsidiary POSH Terasea is facing another default claim following the company defaulting on a $27.6m loan this month.

POSH Terasea is a joint venture with Ezion Holdings as well as Seabridge Marine Holdings.

POSH said the default announced last week has triggered a cross-default under a second loan facility by another financial institution. The second loan facility comprises ship financing loans and a short term facility, and is the only other financial institution to have extended facilities to POSH Terasea.

The outstanding amount of the facility is approximately $7.1m, and the loan is solely secured by mortgages over two anchor handling tugs owned by Posh Terasea. The lender will exercise its rights to appoint a receiver for the two anchor handling tugs if the default cannot be solved within five days.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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