February 5 - Just over one month since it filed for creditor protection, Zeebrugge-based heavy lift and multi-purpose shipping line OXL it is confident that it will meet the May deadline set by the Belgian court to restructure its business and satisfy cre

OXL has indicated that the restructuring will involve strategic and operational changes; with cost-saving measures at the heart of those changes; but also pointed out that OXL is also itself owed significant amounts of money.

The company further advised that its current fleet of eight chartered ships continues to operate and accept cargoes.

OXL's situation is further evidence of the problems that the heavy lift shipping sector has faced since the start of the global economic turndown; with several high profile mergers including Clipper Projects and Thorco last year; and Scan-Trans and Intermarine in 2012. The business has also seen the closure of Beluga Shipping; Scan-Scot and others.

HLPFI understands that Flamar, as general agents to OXL, is not affected by this restructuring of the shipping line.