Finance and Insurance
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Scorpio Tankers gets loan, extends timecharter, nixes newbuilding options
Scorpio Tankers will not exercise its options for additional MR product tankers and has secured a new loan for $36m.…
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Rickmers Trust Management back in control of its own finances
Singapore-based Rickmers Trust Management (RTM) has met the conditions required to exit the inter-creditor deed it signed with three syndicates…
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European development bank hands Cypriot manager Interorient $11.4m loan
The European Bank for Reconstruction and Development (EBRD) is providing Cyprus-headquartered Interorient Shipmanagement a $11.4m loan to assist the company’s…
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Saverys looks set to start squeeze-out of remaining CMB shares
The voluntary public takeover of Belgium’s CMB by Marc Saverys’ company Saverco is approaching its final stages, and the ‘squeeze-out’…
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Deutsche Bank goes shopping for non-performing loans in Italy
Deutsche Bank is emerging as an aggressive buyer of non-performing shipping loans in the Italian market. Sources tell Splash that…
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Polarcus shares to trade ex-reverse split from tomorrow
Oslo-listed Polarcus Limited has turned around its reverse stock split in double-quick timing, and its shares will begin trading on…
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Aurora LPG contemplates bond issue
Oslo-listed Aurora LPG says it is considering the issue of up to NOK 200m ($23m) in new senior unsecured bonds…
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Grimaldi seeks €200m loan
Grimaldi Group of Italy has headed back to Luxembourg-based European Investments Bank asking for a €200m loan ($212.5m) on a…
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NewLead CEO accused of withholding documents, plaintiff calls for his deposition
NewLead’s CEO Michael Zolotas has been accused of withholding documents and must produce his hard drive as evidence, according to…
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Cerberus Capital raises its stake in Team Tankers to over 10%
Cerberus Capital Management has increased its stake in Oslo-listed Team Tankers by a further 1.411% to just over 10% in…
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Navios counters weak market with share repurchase programme, suspends dividend
NYSE-listed Navios Maritime Holdings says it will commence a share repurchase programme and will suspend its dividend payment in order…
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OSG readies its listing on the NYSE
Overseas Shipholding Group (OSG) has finalised its plans for listing its Class A common shares on the NYSE MKT. Shareholders…
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Scorpio Bulkers gets ultramax loan, fleet now fully financed
Scorpio Bulkers has secured a $12.5m loan from a “major European financial institution” that will partly fund its acquisition of…
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Diana Shipping draws down $28m to fund capesize construction
NYSE-listed Diana Shipping has drawn down the remaining $27,950,000 from its term loan facility with ING Bank. Today’s drawdown was…
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Cochin Shipyard to list
Cochin Shipyard is going for an initial public offering to help it expand facilities to build larger ships. The government…
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A.P. Møller-Mærsk issues Eurobonds
A.P. Møller-Mærsk made the most of cheap financing yesterday issuing its first Eurobonds in three years. The Danish shipping giant…
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Cosco gets $3.14bn financing from China Development Bank
China’s Cosco Shipyard has secured RMB20bn ($3.14bn) in financing from the Dalian branch of China Development Bank, which will be…
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Merger of the two Frontlines draws nearer
Oslo-listed Frontline has received approval from Norwegian financial authorities to issue new shares as consideration for its planned merger with…
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BW Pacific pulls Oslo IPO
Amid jittery investor sentiment for shipping BW Pacific has decided to ditch a planned $250m IPO on the Oslo Bors.…
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Nordic American Tankers increases shareholding in NAO
Nordic American Tankers (NAT) is to increase its stake in Nordic American Offshore by 6.7% through the acquisition of 1,521,300…
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