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.