Finance and Insurance
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Moore Stephens stresses FSL Trust’s going concern issues
Having been tasked with auditing First Ship Lease Trust’s most recent annual accounts, Moore Stephens has found them to be…
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PensionDanmark, Danica and Navigare set up shipowning fund
Danish pension funds PensionDanmark and Danica have joined the growing number of companies looking to take advantage of traditionally low…
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HSH Nordbank sets April 15 as deadline for Rickmers Maritime
Rickmers Maritime, the Singapore-based shipping trust, now has until April 15 to show lead creditor HSH Nordbank an acceptable, revised…
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EMAS Offshore admits it might struggle to carry on in wake of Ezra bankruptcy filing
The inevitable domino effect following Ezra Holdings bankruptcy filing in the US swung into full motion today with its Singapore-listed…
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Hapag-Lloyd’s merger with UASC delayed by two months
Germany’s Hapag-Lloyd is pushing back completing its merger with fellow containerline United Arab Shipping Company (UASC) by two months, pending…
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Marine Assets Corporation secures financing for PSV
UAE-based offshore owner Marine Assets Corporation (MAC) has signed a financial leasing agreement with Chuanzheng Overseas Development, the financial leasing…
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Navios Maritime Partners raising $100m for fleet growth
Navios Maritime Partners has agreed with investors to sell around 47.6 million common units in the master limited partnership for…
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Seanergy negotiates waivers from lenders to allow for vessel acquisitions
Greek dry bulk owner Seanergy Maritime Holdings Corp. has reached agreements with four of its senior lenders for the waiver…
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FSL Trust firms up its financial position
Singapore shipping trust FSL Trust Management has announced that it will pay down its syndicated loan facility by $20 million…
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IRISL eyes London listing
Islamic Republic of Iran Shipping Lines (IRISL) is eyeing a listing on the London Stock Exchange to help push through…
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HSH Nordbank dismisses Rickmers Maritime’s latest restructuring plan
HSH Nordbank has thrown out the latest Rickmers Maritime restructuring proposal. However, the German bank, which is the largest senior…
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Zhuhai Port raises $195m
Zhuhai Port Group has signed equity financing agreements with two state-run funds and raised a total of RMB1.35bn ($195m). In…
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Bremer Landesbank flags heavy shipping losses
Another German bank has flagged its heavy exposure to losses from shipping loans. Bremer Landesbank warned yesterday it estimates a…
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Bourbon fixes deal with creditors
French OSV giant Bourbon has managed to reschedule the maturities of EUR910.8m ($962m) of its debts. Payments will now be…
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Seanergy gains $11.4m from early termination of credit facility
Greece dry bulk owner Seanergy Maritime Holdings has entered into an agreement with one of its lenders for the early…
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Cosco Shipping Leasing secures $289m loan
Cosco Shipping Development has announced that subsidiary Cosco Shipping Leasing has secured RMB2bn ($289m) worth of loans from China Bohai…
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Oman Shipping secures $227m financing for ten tankers
Oman Shipping Company has secured $227m to finance its purchase of 10 medium range tankers, which are locked into charters…
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Time marches on for beleaguered Marenave
Endangered Hamburg owner Marenave Schiffahrts has managed to get yet another extension from its creditors to hold off demanding backpayments.…
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DHT secures financing for VLCC pair
DHT Holdings has secured bank financing for two 318,000 dwt VLCCs newbuildings ordered last month at South Korea’s Hyundai Heavy…
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Latvian Shipping Company completes $121m refinancing
Latvian tanker operator Latvian Shipping Company has completed a $121m refinancing with a syndicate of three banks. The company reached…
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