S&P Cuts MC Shipping Outlook To Negative

Wednesday, February 02, 2000
Standard & Poor's has revised the outlook on MC Shipping Inc. to negative from stable. At the same time, the company's single-'B' long-term corporate credit rating and single-'B'-minus senior unsecured debt rating were affirmed. The rating on MC Shipping reflects the shipping industry's below-average characteristics, and the company's weak financial profile. MC Shipping is part of the Vlasov Group-a major ship-owning and ship-management group. Weak fundamentals and high industry-risk characterize the shipping market in general. To a large extent, MC Shipping is exposed to freight-rate volatility, as only a few of its vessels are on medium- to long-term charter. The current depressed container and small gas carrier markets are having a particularly strong negative effect on MC Shipping. MC Shipping's constrained financial flexibility reflects the company's current weak cash flow and a shrinking unrestricted cash balance. The ratings might be lowered if market conditions do not improve in the next few months, Standard & Poor's said.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1339 sec (7 req/sec)