Hapag-Lloyd Gets Ratings Upgrade from Moody's
The international rating agency Moody’s has upgraded the German cargo container shipping line, Hapag-Lloyd AG's corporate family rating (CFR) to B1 from B2 and its senior unsecured bond rating to B3 from Caa1. The outlook remains stable.According to Moody's release, the improved rating acknowledges Hapag-Lloyd’s progress in integrating United Arab Shipping Company Limited (UASC) while reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies, Moody’s concluded in its press release published today.The rating upgrade reflects Hapag-Lloyd´s ability to achieve the level of expected…
Russia, Iran in Shipbuilding MoU
Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) and Russian Krasnye Barrikady Shipyard has signed an Memorandum of Understanding (MoU) for ship building activities. According to a report by MNA, the MoU was signed by managing directors of ISOICO and the Krasnye Barrikady Shipyard with the presence of Iran’s Deputy Minister of Industry, Mine and Trade Mojtaba Khosro Taj. ISOICO Managing Director Hamid Rezaeian said that three important indicators of the MoU are engineering discussions, exchange of technology as well as taking advantage of the Russian company’s international rating agency "which will resolve our need to produce certain equipment".
P&O Princess Cruises Assigned Negative Outlook
Fitch, the international rating agency, has affirmed the Senior Unsecured 'BBB+' and Short-term 'F2' ratings of P&O Princess Cruises (POPC), the world's third largest cruise operator. However, the Rating Outlook is changed to Negative from Stable. While Fitch's ratings continue to reflect POPC's competitive position and financial flexibility, the Negative Outlook expresses concerns about the impact of adverse economic conditions on credit protection measures in the next 12-18 months. In Fitch's view, POPC is in a good position to seize opportunities in the global cruise market. Demographic factors and the low penetration rate of cruises on a per capita basis support market growth expectations, while POPC enjoys strong brand recognition and a fleet that is both expanding and improving.
