Finance

  • 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. 

  • Höegh LNG raises cash for more FSRUs

    Höegh LNG has raised NOK844m ($100m)in gross proceeds through an oversubscribed private placement of 6,920,000 new common shares, each with a par value of $0.01 at a subscription price of NOK122 per share.

  • Tianjin damages could hit $3.3bn

    The total costs of the damages wrought by the giant explosions at Tianjin port last month could be as high as $3.3bn, far higher than original estimates, according to reinsurance specialist Guy Carpenter & Company, part of Marsh & McLennan.

     

  • Ship Finance Offloads Ageing Tanker

    NYSE-listed Ship Finance International Limited has agreed to sell its 1995-built Suezmax Front Glory to an unrelated third party for approximately USD 16 million, which will be used to finance the company’s fleet renewal project.

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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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