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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0590 sec (17 req/sec)