“There is a market for chartering out these vessels and Xihe is actively pursuing opportunities to re-deploy them,” Xihe said.
It is also seeking to downsize its fleet. The company said that it has concluded the sale of several of its vessels and is in discussions with some potential buyers on a programme of sales. This week, Xihe successfully took redelivery of its 108,953 DWT oil tanker Ocean Queen from Hin Leong, its bareboat charterer, and OTPL, which is the ship manager. The vessel is now under the technical management of a newly-appointed ship manager.
Xihe added that O.K. Lim and his children are no longer part of the management team. A new board of directors, consisting of a majority of independent directors, is also being finalised as part of the consensual restructuring with Xihe’s lenders. “Xihe has been updating its lenders regularly on its strategic plans and the direction it has charted. It is confident of getting its business back on track and with full commitment to bring about the best outcome for all its stakeholders, partners and clients,” the company said.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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