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SIVA Shipping denies insolvency reports

Senior management at SIVA Shipping have denied reports carried by Bloomberg and carried in local Singapore media today that is insolvent. The report, citing law firm Rajah & Tann, claimed SIVA Shipping, like Mercator Lines (Singapore) was bust. The company’s CFO, Deepak Bhandari quashed the speculation however, telling Splash: “This is not correct and totally wrong. We are talking to Rajah & Tan to correct it.”

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 was unavailable for comment when contacted by Splash.

SIVA Shipping is the Singapore shipping arm of SIVA Group, an international conglomerate with headquarters in Chennai.

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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