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.