Finance
Newbuilding adjustments hit Eagle Bulk
Nasdaq-listed supramax specialist Eagle Bulk Shipping said fourth-quarter net income fell as it incurred one-time write-offs and other costs relating to amendments to its debt and newbuilding programme. Net income in the three months to the end of...
2009-03-05 07:23:40
Fredriksen to rescue Golden Ocean
John Fredriksen (pictured) has stepped in to support financially-pressed Golden Ocean with an offer to buy the majority of the dry bulk company’s $200m bond issue. His intervention could help to prevent Golden Ocean being in breach of a crucial...
2009-03-05 07:19:27
Shipping financier RBS pulls back
Royal Bank of Scotland (RBS), one of the world’s top shipping financiers, faces a huge cutback in its lending business as a consequence of moves to restructure the state-controlled group. Early indications point to lending being reduced from $30bn ...
2009-03-03 13:48:17
European banks slash ship financing
European-affiliated banks and financial institutions are moving to drastically curtail ship-financing operations. The move is part of business restructuring triggered by the worsening business performance. One representative example of this move is m...
2009-03-03 07:33:07
Candover writes off Ferretti stake
Leading private equity fund Candover revealed yesterday that it had written off its majority shareholding in Italian yacht builder Ferretti for £42.7m ($60m) as the economic crisis cuts a swathe through the luxury yacht market. Candover signall...
2009-03-03 07:21:28
JES into red
Chniese shipbuilder JES International fell into the red in the final quarter of 2008, when it was hit by higher costs. Singapore-listed JES reported a fourth quarter net loss of Yuan44m which it blamed primarily on higher productions costs which ...
2009-03-03 07:16:11
Ulstein posts best!
Ulstein Group praised a strong showing from its ship design unit as it posted its best financial results for nearly a decade. The Norwegian firm says its operating profit jumped 88% to NOK 364.4m ($51.1m) over the past 12 months while revenue shot...
2009-03-02 07:48:37
Poland to sell massive shipyards in March
Poland will open tenders to sell off shipyards employing thousands of people in Szczecin and Gdynia on March 9 and 16 respectively, the Agency for Industrial Development (ARP) said Thursday. After a four-year dispute between Warsaw and Brussels o...
2009-03-02 07:15:05
Dockwise out of the red
Heavy lift player Dockwise has managed a big profit turnaround in 2008, erasing the previous year’s big loss. The Bermuda-based owner said it made $49.97m on a net basis, against a loss of $75.77m in 2007. Revenues jumped to $456.6m from $290...
2009-03-02 06:58:16
Vinashin to sell $400m worth of bonds overseas
Vinashin plans to sell as much as US$400 million in US dollar-denominated bonds this year and has asked the government to guarantee the sale, Chief Business Officer Nguyen Quoc Anh said in an interview in Hanoi. “We expect to hear from the governme...
2009-02-27 11:06:10
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