Soechi Lines has seen its outlook downgraded by Fitch given a lack of cash flow visibility from its shipyard operations.
Despite the stability in its core tanker business, Fitch has revised the outlook for the Indonesian owner from ‘stable’ to ‘negative’.
Soechi has deferred three newbuilding deliveries in 2016 worth $60m, all for its main client Pertamina.
Fitch added the situation is compounded by a lack of new orders, as the company did not win any contract in 2016.
However,
