Shipping company Vroon is in serious financial trouble after the third consecutive year in which large losses were incurred.
A consortium of eighteen banks recently set stricter requirements for further financing of the company.
CEO Herman Marks tells that Vroon will suffer a loss this year as well, but that this will be considerably less than last year.
“The results will be considerably better than last year.”
Vroon, with about 3000 in workforce, is a service provider to the oil and gas industry and has been hit hard by the crisis in that sector in recent years. The shipping company has made agreements with the banks to settle its debts. The company has until 2021 to do this.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.