Finance and Insurance
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HSH Nordbank’s bad shipping loans will take a decade to wind down
It will take at least a decade for Hamburg’s HSH Nordbank to wind down its EUR5bn of shipping loans, the…
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Bodouroglou tries to reassure Paragon shareholders
Paragon Shipping’s founder, chairman and CEO Michael Bodouroglou has published an open letter to shareholders, saying the company is doing…
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GasLog fixes VLGC newbuilding to Total on long-term charter
Total Gas & Power Chartering has fixed a GasLog VLGC newbuilding on a seven-year timecharter, commencing when the ship is…
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Sovcomflot to be privatised ‘before the end of the year’
Igor Shuvalov, Russia’s first deputy prime minister, has said state-owned shipping company Sovcomflot could be privatised before the end of…
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Eagle Bulk raises $3m in another private placement
NASDAQ-listed Eagle Bulk has signed a stock purchase agreement with unnamed investors to raise another $3m in gross proceeds through…
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Torm secures financing from China for four newbuildings
Torm has announced that it has entered into a financing agreement for four 114,000dwt LR2 tanker newbuildings to be delivered…
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Swiber faces $4.76m in claims
Singapore’s Swiber Holdings is facing outstanding letters of demand for a combined $4.76m from unidentified claimants. The Singapore-listed group is…
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European shipowners call on EC to help strengthen free trade
A rise in trade protectionism worldwide has prompted European shipowners to call on the European Commission to set out a…
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Container lines have not breached competition law, says EC investigation
The European Commission (EC) has closed its formal investigation into leading container shipping lines, concluding there is no evidence the…
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Scorpio Tankers secures new loan facility
Scorpio Tankers has announced that the company has received a commitment for a loan facility up to $300m from ABN…
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Golar Power deal helps fully finance FSRU projects
Golar LNG has completed the sale of a 50% interest in Golar Power to private equity firm Stonepeak Infrastructure Partners…
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Deutsche Bank to sell at least $1bn of shipping loans
Deutsche Bank is to sell at least $1bn of its loans to the shipping industry, in response to mounting pressure…
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Pillarstone officially lands Premuda
Pillarstone Italy, a turnaround fund created by private equity giant KKR, is now officially the largest creditor of Genoa-based shipping…
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DOF bondholders approve its refinancing plan
Bondholders have voted to approve DOF’s refinancing plan, which aims to improve DOF’s liquidity position by NOK 4.5bn ($535m) and…
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Safe Bulkers amends DVB Bank credit facility
Safe Bulkers has continued to tweak its repayment schedules by amending its loan with DVB Bank, under which $101.2m is…
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Canaries in a coalmine
With the dry bulk freight market so low for so long, half of the world’s dry bulk shipowners are trying…
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Viking Supply still at odds with its bondholders
A month ago, Viking Supply Ships (VSS) said its restructuring would be completed “within the foreseeable future”, but the Oslo-listed…
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New $554m credit facility for Italy’s Saipem
Saipem has subscribed a new credit facility for up to €554m ($615m) which will be used for the financing or…
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Berenberg and private equity start $500m shipping fund
Germany’s oldest bank Joh. Berenberg Gossler & Co has created a $500m fund with an unnamed private-equity investor to jointly…
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CSCL changes direction, to be named Cosco Shipping Development
China Shipping Container Lines (CSCL) has announced that the board has proposed to change the company’s name to Cosco Shipping…
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