Crude Oil Shipping Market News

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Respondents to the survey identified overtonnaging as the biggest factor behind the fall in confidence, but also expressed concern about the effect on the industry cause by lower oil prices and the growth of investment by financiers from outside shipping.

Moody's Investors Service says it has confirmed the Ba2 corporate family rating (CFR) and the Ba2-PD probability of default rating (PDR) of Sovcomflot JSC with $800 million of rated debt affected. Concurrently, Moody's has confirmed Sovcomflot's Ba3 senior unsecured issuer rating and the Ba3 senior unsecured rating assigned to the $800 million Eurobond issued by SCF Capital Limited, which is a 100% indirect subsidiary of Sovcomflot (Sovcomflot guarantees the Eurobond). The outlook on all ratings is negative. This confirmation of Sovcomflot's ratings reflects Moody's expectation that the company will be able to improve its financial metrics over the next 12-18 months…