OSV Owner Vallianz Reports Ransomware Attack

Singaporean OSV player Vallianz is the latest shipowner to be hit with a cyberattack, and has reported the details of the incident publicly.

In an investor announcement filing with the Singapore Exchange (SGX), Vallianz said that it had been attacked by a ransomware hacking group. The malicious actors gained unauthorized access to the company's servers, but the intrusion was detected and the company took steps to contain and resolve the intrusion. After taking action, Vallianz determined that "there has been no significant impact to the group's business operations."

Assessment of the impact of the cyberattack is ongoing, with expert consulting assistance, and the relevant authorities have been informed. 

Vallianz's stock is thinly traded, and the share price did not move markedly after the announcement. It has traded between about $0.03 and $0.04 since early 2023. 

Vallianz breached financial covenants with some of its lenders in June 2024, and it was provided with six-month conditional waiver notices from these financial institutions, which ended on December 31. One of the lenders has agreed to extend the waiver through the end of 2025, negotiations with the other lenders are ongoing, and Vallianz's parent company has promised to fund the OSV firm's operations and financial obligations through mid-2025.