D'Amato di Navigazione has filed for court protection but rejects that it is in bankruptcy or insolvency.
The Italian bulker and tanker owner filed for a "new procedure provided by Italian law" in the Court of Naples, a spokeswoman told TradeWinds Friday.
"This procedure has nothing to do with bankruptcy but it is a guarantee for the creditors, who will be satisfied thanks to the business continuity and the conduct of regular operations in the manner and within the terms agreed," the spokeswoman said.
I don't know. Bunker suppliers are getting skittish about giving credit to vessel operators, banks are getting nervous, everyone is tightening up their credit requirements, and this could certainly put a squeeze on a vessel owner/operator.
International shipping companies generate a huge cash flow. In fact, some companies have been known just to make money on the "float", not on operations. If the credit tightens up, it's going to be tough.
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