Moody's Downgrades Cammell Laird
Moody's downgraded to Caa2 from B2 the rating for the Euro 125 million senior notes of Cammell Laird Holdings plc following the announcement of its key customer Costa Crociere to terminate a high value contract with CLH to convert the cruise ship Costa Classica. CLH has rejected Costa's right to terminate the contract and has stated that it will take all necessary action to protect its commercial position. At the time of the original rating assignment, the Costa contract was already in an advanced stage and considered to be a reference contract for the flow of future orders. Cash flows from those future orders were expected to provide the means for servicing the company's debt.
Moody's Downgrades Cammell Laird
Moody's Investors Service downgraded to Ca from Caa2 the rating for the Euro 125 million senior notes of Cammell Laird Holdings plc (CLH) following the company's announcement of a strategic review of its operations and financial structure which may lead to a restructuring of the notes. The following ratings were downgraded: CLH's senior implied rating to Caa2 from B3, the rating of a GBP 50 million secured revolving credit facility to Caa2 from B3, CLH's issuer rating to Ca from Caa2 and the bond rating to Ca from Caa2. The ratings remain under review for possible further downgrade. The downgrade reflects Moody's concern that CLH's financial…
IZAR Ferrol Repairs Eight Vessels At Once
The shiprepair yard of IZAR Ferrol surpassed previous occupancy records recently, as it simultaneously worked on eight vessels. The yard facilities were fully busy and there was no room to accommodate any other vessels at the yard's two drydocks (of 1,083 x 164 ft. [330 x 50 m] and 673 x 82 ft. [205 x 25 m]) and 5,577 ft. (1,700 m) long quays. One of the vessels, a tanker owned by Spain’s CLH, is the first example of the cooperation capacity between the repair yards of Ferrol and Fene (the former Astano), now part of IZAR since the company took over the facilities of Bazan and AESA. The repair order for the crude oil carrier was awarded to Ferrol, but the vessel had to be docked at Fene due to the high occupancy of Ferrol facilities.
Izar Ferrol Repairs Eight Vessels At Once
The shiprepair yard of IZAR Ferrol last week surpassed previous occupancy records, as it simultaneously worked on eight vessels. The yard facilities were fully busy and there were no room to accommodate any further vessel at the yard's two drydocks (of 330 m long by 50 m wide and 205 m long by 25 m wide) and 1,700 m long quays. One of the vessels, a tanker owned by the Spanish company CLH, has become the first example of the cooperation capacity between the repair yards of Ferrol and Fene (the former Astano), now part of IZAR since the company took over the facilities of Bazan and AESA. The repairing order for the Spanish crude oil carrier…
