HERMITAGE OFFSHORE FILES BANKRUPTCY DUE TO PROLONGED MARKET SLUMP Faced with the prolonged downturn in the offshore market combined the 2020 impact of COVID-19, Hermitage Offshore Services announced that it has filed for reorganizational bankruptcy. The company said the step had become necessary when it was unable to reach a consensual agreement with its lenders. […]
TIDEWATER, TOO, HIT BY CREW CHANGE CRISIS Offshore services giant Tidewater Inc. yesterday reported revenue for the three and six months ended June 30, 2020, of $102.3 million and $218.7 million, respectively compared with $125.9 million and $248.0 million, respectively, for the three months and six months ended June 30, 2019. Net losses for the […]
TOWAGE INDUSTRY FACES UNIQUE CHALLENGES Kasper Nilaus, recently appointed global CEO of Svitzer, provides an exclusive insider view of issues impacting on the tug sector during the Covid-19 pandemic and beyond in the July/August issue of International Tug & OSV (IT&O). He writes: The towage sector holds a unique position within the wider shipping industry. […]
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