Finance

  • DMCC, Turkey plan gold exchange for Islamic...

    Dubai Multi Commodities Centre (DMCC), the free zone authority on trade, enterprise and commodities in the emirate, has signed a MoU with Borsa Istanbul to set up an universal Sharia-compliant gold exchange for Islamic markets.

  • UAE economy continues to grow despite economic...

    The UAE Ministry of Economy has published its latest annual report which notes, among other highlights that the UAE remains the region’s most prominent destination for foreign investment. GDP is expected to reach AED 1.8 trillion by end of 2016 and triple in 10 years while the non-oil sector’s GDP contribution in 2015 rose to about 77 per cent at current prices and 70 per cent at constant prices.
     

  • Saudi Arabia's maritime complex seen costing...

    Saudi Arabia expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5.33 billion), energy minister Khalid al-Falih said on Sunday. 

  • Finance conference points the way forward for...

    The second The Maritime Standard Ship Finance and Trade Conference, held in Abu Dhabi at the Sheraton Hotel and Resort, took full advantage of a stellar panel of speakers to chart a course for the future of the shipping and maritime sectors at an uncertain time politically and economically in world markets.
     

  • Iran aims for more foreign oil and gas investment...

    Iran is hoping to secure more overseas investment after a consortium led by France’s Total on Tuesday signed a $4.8bn deal to develop part of the giant South Pars gasfield — the first major energy agreement since the country’s landmark nuclear accord.

  • PDO targets $3bn savings over 5 years

    State-run Petroleum Development Oman (PDO) is targeting savings of around $3 billion over a five-year period through cost optimisation, waste elimination and efficiency-driven initiatives, a top official said.

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Scorpio Tankers Inc. Announces Fourth Quarter Loss

For the three months ended December 31, 2016, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $29.4 million, or $0.18 basic and diluted loss per share, which excludes a $0.2 million, or $0.00 per basic and diluted share, unrealized loss on derivative financial instruments. 

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Korea Bank Places 10 Hanjin Vessels for Sale

Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, according to Korea Times.

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DESSC: Fully funded restructuring plan for Farstad Shipping agreed. Key stakeholders to seek combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply, creating a world leading OSV company

AS, have agreed to work for a combination of Solstad Offshore ASA ("Solstad Offshore"), Farstad Shipping and Deep Sea Supply Plc ("Deep Sea Supply") following completion of the Farstad Restructuring, creating a world class OSV company (the "Combination").

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