Singapore ships stranded

Singapore ships stranded

SINGAPORE (AP): Five ships of a financially troubled Singapore company have been stranded in ports in Japan, India and Indonesia, unable to pay salaries or port duties, a newspaper reported yesterday.

The vessels belonging to Thon Soon Shipping have been detained, some since June, over disputes over cargo, unpaid crew salaries and repair and port bills, The Straits Times said.

The troubles for the Singapore shipping firm started last May when its parent company, Thong Soon Holding, was reported to have debts exceeding S$55 million (US$32 million), while its net assets were estimated at less than S$30 million.

The company's appeal last May for protection from creditors was rejected, leaving the fate of five of its ships uncertain.

The number of crew members on board and their nationalities are unknown, the newspaper said.

The Maritime and Port Authority of Singapore has been involved in negotiations among the ship owner, local port authorities, cargo owners and crew.