Orix Buys RBS Shipping Loans
Japanese financial services firm Orix Corp has agreed to buy $290 million (272 million euros) worth of Greek shipping loans from Royal Bank of Scotland (RBS), Reuters reported quoting sources with direct knowledge of the deal. Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions including Orix. Germany's Berenberg Bank would purchase around $300 million of loans.
Giuseppe Bottiglieri Files for Creditor Protection
Italian cargo shipowner Giuseppe Bottiglieri Shipping Co. SpA has filed for court protection while it works on a restructuring plan reports WSJ. The Naples company cited "the unprecedented world freight market crisis" that has weighed on profits across the industry. Giuseppe Bottiglieri said it has prepared a new business and financial plan that is now under discussion with creditors. With 15 ships flying the Italian flag properties…
Shipping Loans Weigh Down German Banks
German banks are still struggling with bad loans from exposure to the shipping industry, reports DW. The banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard. A report published on Sunday by German public broadcaster ARD has suggested that the northern German states of Hamburg and Schleswig-Holstein may have to offer up to 20 billion…
Nogaholding Secures $741 mln Loan for LNG Terminal
Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA), recently hosted a dinner to mark the financial close of its LNG Terminal Project with Bahrain LNG WLL, the developer and owner of the first LNG receiving and regasification terminal to be developed on a public–private partnership (PPP) basis in the Middle East. Dr Dafer Al Jalahma, CEO of nogaholding…
OOIL, COSCO Deny Deal Rumors
China Cosco Shipping Corporation Limited (Cosco Shipping) and Orient Overseas (International) Limited (OOIL) denied reports that they are in negotiations for Cosco Shipping to take over OOIL subsidiary Orient Overseas Container Line (OOCL). Rumors about a deal for OOCL have grown over recent months, amid market consolidation and shake-up as the industry struggles to recover from a slump in freight rates linked to a glut of ships and slowing Chinese economic growth, reports Reuters.
Singapore Exchange to Open LNG Index
Singapore Exchange (SGX) is developing a spot pricing index for the Middle East and India liquefied natural gas markets (LNG) in collaboration with inter-dealer broker Tullett Prebon, says WSJ. The index is aimed at market participants who are forced to rely on tenders for setting up prices due to the lack of an accepted price marker. The deal is aimed at boosting Singapore's status as a key LNG hub providing storage, trading, shipping and price discovery activities.
Injured Man hoisted from fishing Boat 25 mi off Cape Ann, MA
A helicopter crew from Coast Guard Air Station Cape Cod hoisted a man Saturday from the fishing boat Golden Girl while 25 miles southeast of Cape Ann. The captain of Golden Girl contacted Coast Guard Sector Boston watchstanders Saturday morning and reported a crewman aboard severely injured his hand and needed medical attention. The aircrew launched and arrived on scene at about 12:20 p.m. to medevac the man. After a successful hoist, the man was taken to Massachusetts General Hospital.
EMGS Inks Charter for BOA Thalassa
Electromagnetic Geoservices ASA (EMGS) has signed a new charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid through 1 October 2019 with an option to extend the new agreement through 1 April 2021. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 20%. EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017.
Scorpio lines up $172m in loans for newbuilds
Scorpio Tankers Inc. announced today that the Company has received commitments for a loan facility of up to $172 million from a group of financial institutions including Macquarie Bank Limited (London Branch), DekaBank Deutsche Girozentrale ("DekaBank"), The Export-Import Bank of Korea ("KEXIM") and Garanti-Instituttet for Eksportkreditt ("GIEK"). The loan facility, which is composed of multiple tranches…
Mattis Takes Oath as 26th Defense Secretary
By a 98-1 vote, the Senate confirmed retired Marine Corps Gen. James Mattis to be the 26th secretary of defense Jan. 20, and Vice President Michael R. Pence administered his oath of office shortly afterward.R. Pence administered his oath of office shortly afterward. Mattis is the first retired general officer to hold the position since General of the Army George C. Marshall in the early 1950s. Congress passed a waiver for the retired four-star general to serve in the position…