Finance and Insurance
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Polarcus details restructuring plans
Dubai-based seismic specialist Polarcus has made public details of its financial restructuring process. The company’s banks, lease providers and certain…
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Miner makes a bid for Brazil’s Log-In Logística Intermodal
Brazilian mining and logistics company Manabi Holding has offered to buy a majority stake in compatriot cargo ship and port…
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Euroseas confirms demolitions, delivery delays and refinancing
NASDAQ-listed Euroseas has sold two of its vessels for demolition, says it has delayed delivery of its remaining bulker newbuildings…
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2016 likely peak of shipping bankruptcies
This year could see a peak in the number of shipping bankruptcies seen since Lehman Brothers crashed in 2008. That’s…
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NewLead to undertake its sixth reverse stock split in six years
Shareholders in NewLead Holdings have voted to undertake another reverse stock split this year, which will be the sixth consolidation…
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IUMI outlines obstacles facing development of unmanned ships
A report from the International Union of Marine Insurance lays out many of the obstacles facing shipping’s quest for unmanned…
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Creditor banks cut ties with ailing STX Offshore & Shipuilding
A number of creditor banks to South Korea’s STX Offshore & Shipbuilding have decided to stop supporting the yard, saying…
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Sadler takes private equity role
Not hanging around since leaving Lloyd’s Register (LR), Richard Sadler will start January 1 as CEO of London-based private equity…
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Noble responds to Moody’s junk status rating
In a horrid end to a very trying year Hong Kong’s Noble Group has been deemed junk status by a…
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Philly Shipyard secures $150m financing for product tanker quartet
Philly Shipyard, formerly Aker Philadelphia Shipyard, has secured a $150m loan facility from Caterpillar Financial Services Corporation to finance the…
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Seoul launches $1.2bn ship investment scheme
The government of South Korea has come to the aid of the nation’s struggling shipping lines, launching a $1.2bn ship…
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Call for Nigerian ship finance bank
The head of the Nigeria Ship Owners Association (NISA) has called for the establishment of a dedicated local shipping bank.…
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TOP Ships secures $15m loan facility
MR tanker specialist TOP Ships has entered been given a $15m unsecured revolving credit facility by Family Trading, a company…
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Brazilian shipping and port operator Log-In trying to renegotiate its bank loans
Brazilian cargo ship and port operator Log-In Logistica Intermodal has hired global investment bank Moelis to help with refinancing $475m…
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Shandong Shipping gets $280m financing deal for ten bulkers
Shandong Shipping has signed an agreement with CCB Financial Leasing, the financial leasing arm of China Construction Bank, to provide…
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Mercator Lines to sell three panamax bulkers to service debt
Mercator Lines (Singapore) has signed three memoranda of agreement to sell three of its panamax bulk carriers to one of…
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CMB delists as Saverys completes share buyback plan
Compagnie Maritime Belge (CMB), the Belgian bulker firm controlled by the Saverys family, was formally delisted from the Euronext Brussels…
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Sovcomflot seals $340m credit facility
Sovcomflot Group and Sberbank CIB have signed a 14-year $340m credit facility agreement to finance the construction of three Arctic…
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Teekay’s Tanker Investments will buy back another 1.2m shares
Teekay’s Tanker Investments Limited (TIL) is to spend up to NOK 130m ($14.9m) on repurchasing another 1.2m of its shares…
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Ocean Yield and Höegh Autoliners agree on charter changes
Ocean Yield has agreed to certain amendments to a series of charter agreements with Höegh Autoliners for four PCTC vessels…
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