Finance

  • Call for New Welfare Funding Mechanism

    Following The Big Welfare Debate at London International Shipping Week 2015 Human Rights at Sea CEO, David Hammond, has proposed three improvements for the maritime welfare sector:

  • Seaspan granted $1bn credit facility by China...

    Seaspan Corporation has announced that it has signed a framework cooperation agreement with the China Exim Bank for up to $1bn in export credit facilities. The credit facilities support Seaspan’s purchase of vessels from Chinese shipyards within the next three years.

  • CSSC (Hong Kong) Shipping to finance Yuanheng Gas

    CSSC (Hong Kong) Shipping Company, a shipowning subsidiary of China State Shipbuilding Corporation (CSSC), has agreed to jointly provide USD10 million in finance for Hong Kong-listed Yuanheng Gas, a LNG supplier and trader.

  • Changes afoot for Indian ship finance

    India could face a dramatic change to its ship financing landscape with the Export-Import Bank of India planning to establish a Maritime Financing Facility (MFF) at the International Financial Services Centre (IFSC) in Ahmedabad, in association with commercial banks. The move is intended to get Indian shipping firms to go for special purpose vehicles (SPVs) when financing deals.

  • DryShips to wind down

    DryShips has confirmed plans to sell its remaining fleet, with vessels yet again shifting to founder George Economou's private account.

  • China’s new economical reality not impacting...

    The past couple of weeks have been all about China, when it comes to global financial headlines, as concerns have been rising on whether the current crisis is more than a temporarty blip, before normal service is resumed. In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market. Some Chinese policymakers call the slowdown “the new normal” and that they have overseen the smooth transition in annual growth from 10 per cent to a still impressive 7 per cent. 

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$500bn renewable energy investment needed: Masdar CEO

Investment in renewable energy must double world-wide to at least $500 billion per year, if expansion targets are to be met, Dr Ahmad Belhoul, chief executive officer of Masdar, Abu Dhabi’s renewable energy company, has said.

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Iran ‘needs $150bn of energy investment’

Iran's emergence from economic sanctions will help Europe to diversify its energy supplies, but the Islamic Republic will need to invest at least $150 billion in infrastructure to become a major producer, the head of Italy's Eni SpA said on Sunday.

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Jordan inks $1.6bn deal to build power plant

An Estonian-Malaysian consortium has signed a $1.6-billion contract to set up a power plant in southern Jordan, a report said.

The power plant will have a capacity of 470 megawatts (MW), which will be obtained via oil shale, added Jordanian news agency Petra, noting that operations are expected to start in the second half of 2019.

The project would be financed by the Bank of China and the Industrial and Commercial Bank of China and a joint Estonian-Malaysian consortium.

The plant is likely to offer 3,000 employment opportunities.

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Shareholder to Vote "No" to Shell, BG Merger

Royal Dutch Shell's bid to acquire BG Group was dealt a blow on Friday when a first major shareholder said it would vote against the $49 billion deal due to a weak outlook for oil prices and risks related to BG's assets in Brazil. 

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Navig8 Seals Financing for Two More Newbuilds

Navig8 Product Tankers Inc has entered into an amended loan facility for USD 128.5 million with Credit Agricole Corporate and Investment Bank (CACIB) and BNP Paribas to provide additional financing for LR1 74,000 DWT product tankers being built at STX Offshore & Shipbuilding Co. Ltd.

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