Finance and Insurance
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HMM will become South Korea’s ‘flagship’ line
After leaving Hanjin to flounder, the South Korean government is to develop Hyundai Merchant Marine (HMM) as the country’s ‘flagship’ shipping…
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Perisai Petroleum says it is insolvent
Malaysian oil and gas company Perisai Petroleum Teknologi has declared itself insolvent and has been classified as a Practice Note 17…
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Saverys family back in the hunt for distressed assets
The Saverys family is in the hunt for bargains, lining up an IPO of a new company worth up to…
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American Shipping Company seeks refinancing of bonds
American Shipping Company said today it is exploring options to refinance an unsecured bond issue maturing in February 2018. To…
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EMGS to cut its work force again
Electromagnetic Geoservices (EMGS) plans to further reduce its workforce in order to reduce wage expenses, but has not yet revealed…
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CSCL raises $1.78bn to expand leasing business
China Shipping Container Lines (CSCL) has announced a proposed non-public issuance of about 3.28bn shares to specific investors to raise…
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Åge Remøy to invest $62m in founding new OSV company
Åge Remøy has revealed plans to start offshore support vessel (OSV) company, just after Solstad shareholders approved a merger of the…
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Perisai Petroleum Teknologi vulnerable after default notice served
Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has received a notice from the trustee of its S$125m ($91.9m) notes warning…
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Victor Restis cleared of money laundering and embezzlement charges
The Hellenic Supreme Court in Athens has cleared shipowner Victor Restis of all charges of money laundering and embezzlement on the…
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Shareholders approve merger of Rem and Solstad
Shareholders have approved the merger of Rem Offshore with Solstad Offshore at an extraordinary meeting held in Oslo today. REM…
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Trafigura offloads MR tankers in sale and leaseback deal
Swiss commodity trader Trafigura has sealed a structured sale and lease back deal with China’s Bank of Communications Financial Leasing…
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NewLead’s lawyers pull out of vessel dispute
Lawyers representing NewLead Holdings in a vessel arrest suit have been granted permission to withdraw as counsel for the Greek…
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ExxonMobil ordered to pay Chad almost 7 times its GDP
A consortium of three oil companies led by ExxonMobil has been ordered to pay Chad $74bn in fines after a court in…
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NYK Line braces itself for $1.9bn in extraordinary losses
Japan’s NYK Line has said it will report ¥195bn ($1.9bn) in extraordinary losses in its results for the second quarter…
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Angeliki Frangou implicated in alleged money laundering scheme
Navios’ CEO Angeliki Frangou is among a group facing felony charges in Greece in connection with an alleged money laundering racket.…
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Genco gains long-awaited $125m equity financing, unlocks $400m loan
After a long wait and an extended deadline, entities representing three of Genco Shipping & Trading’s largest shareholders have entered…
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HMM will not be sold to a foreign firm, says main creditor
Hyundai Merchant Marine’s (HMM) main creditor Korea Development Bank (KDB) has said the struggling shipowner will not be sold to…
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New CEO for Maersk Supply Service
Maersk Supply Service’s chief procurement officer Steen S. Karstensen is to replace Jørn Madsen as CEO of the company from…
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John Fredriksen stands $1.2bn firm behind Seadrill
John Fredriksen is said to be willing to lend offshore drilling contractor Seadrill up to $1.2bn as part of a…
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Costamare gets new $87m loan and reschedules repayments
Costamare has secured new financing and re-arranged some of its existing loan agreements to reduce its balloon payments due in 2018…
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