Finance
Syndicated loan success suggests market easing
Nine banks signing up to a sizeable syndicated loan says something positive about the moribund syndication market, according to a top shipping financier. “Everyone is saying that syndication has stopped but this sends out a powerful statement th...
2009-04-24 07:32:32
China Cosco 2008 profits down 40%
China Cosco Holdings, the world’s largest bulk operator and sixth largest liner business, saw net profit plunge 40% during 2008, the company has announced. Cosco, which also has a terminal operation business, said net profit fell to Yuan11.62bn...
2009-04-24 07:15:51
$3bn distress fund disclosed
The South Korean government has revealed details of a Won4trn ($3bn) fund that would be used to buy more than 100 ships from distressed shipping firms lacking sufficient liquidity. The fund represents the most ambitious plan yet to bolster the na...
2009-04-24 07:09:05
Davie sells $20m shares
Canada’s Davie Yards has announced details of its $20m share issue as part of its continuing efforts to raise cash to maintain operations. The private placement will see 244,000,005 common shares sold, representing approximately 196% of the corp...
2009-04-23 07:43:17
IHI cuts losses forecast
Japan’s IHI Corp has once again slashed its expected full-year net loss figure just before it announces the actual result. The troubled shipbuilder still expects a reverse for the 12 months to the end of March 2009 but has now in the past two month...
2009-04-23 07:35:00
Tanker values may fall 20%
Tanker asset values could drop by up to one fifth this summer following a crash in spot market earnings, Fearnley Fonds warns. Rikard Vabo, an analyst at the Norwegian investment house, says the fall is likely in the next couple of months in ligh...
2009-04-23 07:32:12
3 yards struggling in rehabilitation
It seems that the three emerging and small/medium-sized South Korean shipyards that have entered bank-controlled workout procedures are making little headway due to the concerned entities meeting ran into difficulty to harmonize their diverse views, ...
2009-04-23 07:09:52
Kanasashi continues construction of five ships
Kanasashi Heavy Industries, which filed for court protection under Japan's Corporate Rehabilitation Law, will continue for the time being to construct the three newbuildings currently being outfitted, and two ships now being assembled on its slipways...
2009-04-22 07:41:51
Nokbong leases Orient yard facility
Financially troubled Nokbong Shipbuilding of South Korea has signed a contract to build six vessels at compatriot shipbuilder Orient Shipyard, in an effort to avoid delays in delivery. A source at Orient Shipyard said that the company had recentl...
2009-04-22 07:12:14
Euronav secures $300m loan to finance ships
Euronav has accompanied sharply lower first quarter profits with the positive news that Belgium’s leading tanker operator has secured a $300m loan to help finance six vessels. Net profit dropped to $16.78m from $80.74m in the opening three mont...
2009-04-22 07:01:05
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