Adani Ports & Special Economic Zone Ltd (APSEZ), the flagship ports operator of billionaire Gautam Adani’s group, is looking to raise at least $500 million on offshore debt through dollar bonds.
The auction of the assets of Bouchard Transportation Company proceeded on July 18 under the process approved by the bankruptcy court. Before the auction, the reorganization officer for the oil barge transport company had selected an initial bid of $110 million for assets, which included 12 barges and 17 tugboats. Reports indicate, however, that the initial bidder selected by the company was outbid during the auction.
The non-operating container ship owner Seaspan Corporation announced Wednesday that it has raised $750 million in "blue"-branded bonds, up 50 percent from a planned $500 million issuance. The funds will be used for sustainability-linked purposes in line with a previously-released "blue transition bond framework," which names LNG as the transition fuel of choice for the short to medium term.
The European funding programme Connecting Europe Facility (CEF), which supports projects that have a significant positive impact on the European transport network, is to award funding of €10.91 million to the complex project Extra Container Capacity Antwerp (ECA). By awarding funding to this project, Europe is not only underlining the importance of the port of Antwerp as a major European hub that forms part a global network, but also of the corresponding need for future-proof infrastructure. This European support will be used to carry out detailed studies to identify the most sustainable solution, in order to create a supported project that reconciles the needs of the economy, the environment and our climate.
Dublin Port Company last year recorded “a strong financial performance” with operating profits of €44.15 million despite challenges from Brexit and Covid-19.
Nakilat announced its financial results for the first half of the year ended 30 June 2021, with the company achieving a net profit of QR 636 million compared to QR 550 million during the same period in 2020, an increase of 15.6%.
Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global provider of digital payment solutions for maritime companies, has launched the ShipMoney Money Transfer Scheduler. This new feature allows seafarers to preschedule automated transfers from their ShipMoney cards to bank accounts, companion cards, as well as for cash pickup via MoneyGram, TransFast and soon, Western Union.
In April’s Logistics Executive Briefing, Drewry flagged the issue of “extreme freight rates” and predicted that spot rates would continue to increase. Three months on, spot rates have jumped by another 70% or so and we expect rates to get close to $20,000 on some lanes.
Overseas Shipping Group (OSG) announced that the company is launching a strategic review in response to an unsolicited takeover proposal to acquire all the outstanding shares of the operator of crude and petroleum tankers and barges. According to the announcement, OSG’s Board of Directors working with Evercore as its financial advisor has commenced a strategic process to explore, review and evaluate a range of strategic alternatives which could include a sale of all or part of the company, a merger or other business combination with another party, or remaining a public company and continuing to execute on management’s long-term business plan.
Container shipping costs in Việt Nam have increased fourfold, even eightfold on certain high-demand routes compared to pre-pandemic levels, the latest logistics report by SSI Research has said.
Brokerage firm Credit Suisse has upgraded Adani Ports to ‘outperform’ from ‘neutral’, raising its target price to Rs 800 from the previous target of Rs 710, ahead of the company’s first quarter results on Tuesday.
Container ship operators are paying increasingly high charter rates for longer periods as they seek to capitalize on significantly high rates in the container freight spot market amid unprecedented demand.
Number-one ocean carrier Maersk is having an exceptionally good year. With freight rates driven sky-high by COVID-related demand and disruption, Maersk has reported some of the best quarterly earnings in its history, and it has raised its outlook for the rest of the year.
Small- to medium-sized exporters by shipping container to the US are increasingly having to rely on financing solutions as port congestion, ship delays and blank sailings keep their capital out at sea for longer periods.
Alkion Terminals BV (“Alkion”) is pleased to announce the completion of a landmark sustainability linked refinancing of its debt facilities from a group of blue-chip international lenders. The term loans and ancillary facilities amount to EUR 370m (including a EUR 100m capex and acquisition facility) and refinances the previous financing package of EUR 255m m raised in 2019.