Fijian owner Goundar Shipping could be shut down by the end of the month if a row over safety documentation is not solved.
Boss George Goundar said the company has made a loss of nearly $1m since an order was made to ground the fleet on 1 July.
If no solution can be found in July, 250 crew will be laid off and the fleet sold off, he added.
The Maritime Safety Authority of Fiji (MSAF) halted Goundar's operations after it failed to submit safety documentation, but Goundar said paperwork was above the standard required by MSAF.
Goundar added that two potential buyers are due to inspect two ships next week.
MSAF acting CEO Philip Hill said personnel from the shipping company have been involved in several meetings over the past few days as they work on improving its documents.
Goundar has six vessels.
