Sugar Shipping Rush Causes Huge Vessel Logjam in Brazil
More than 70 ships are lined up at Brazil's port of Santos to load sugar for export in a queue that may take a month to clear after buyers worldwide scrambled to get ahead of possible disruption caused by the ravages of the coronavirus pandemic.A large share of the global sugar trade turned to Brazil, which posted record output, and after poor harvests in India and Thailand. The South American nation now has, however, the second-most COVID-19 cases worldwide at more than 610,000.Three bulk carriers had loading operations suspended in recent weeks and faced a 14-day quarantine in Santos…
Offshore firm's IPO may give Singapore market shot in the arm
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.