Finance

  • Global Energy vessel purchase just about complete

    Global Energy Development announced on Monday that, further to its announcement on 16 January, the foreclosure process associated with the Transaction B Assets was now complete and the assets had been transferred to Maritime Finance.

  • Cosco Shipping lost 1.44 billion USD in 2016

    The net loss of Cosco Shipping Holdings in 2016 amounted to 9.9 billion CNY (1.44 billion USD), according to preliminary assessment and non-audited finance statement. The Chinese largest shipping company explains the loss with the low growth in demand for container shipping in the world market, as well as the continuing oversupply of tonnage. Cosco Shipping Holdings noted that the industry’s efforts to balance supply and demand were proved as unsuccessful. As a result the weak market throughput and low growth of container traffic lagged behind the pace of traffic growth and costs. This continue to affect the finance statements and hurt the liquidity of the container shipping companies.

  • Cosco Shipping lost 1.44 billion USD in 2016

    The net loss of Cosco Shipping Holdings in 2016 amounted to 9.9 billion CNY (1.44 billion USD), according to preliminary assessment and non-audited finance statement. The Chinese largest shipping company explains the loss with the low growth in demand for container shipping in the world market, as well as the continuing oversupply of tonnage. Cosco Shipping Holdings noted that the industry’s efforts to balance supply and demand were proved as unsuccessful. As a result the weak market throughput and low growth of container traffic lagged behind the pace of traffic growth and costs. This continue to affect the finance statements and hurt the liquidity of the container shipping companies.

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Container Lines Battle Shippers Over Bunker Surcharges

Several of the world's largest container shipping companies have imposed emergency bunker surcharges upon their customers in the past two weeks, seeking to claw back revenues lost to rising fuel bills caused by the jump in crude prices in recent months.

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NORD/LB To Take More Losses From Shipping Loans

NORD/LB Norddeutsche Landesbank concluded the first quarter of 2018 with earnings before taxes of € 68 million. After taxes, profit stood at € 43 million. Last year the first-quarter result reflected extraordinary income in the securities business and totalled € 295 million before taxes and € 248 million after taxes. However, the introduction of the new accounting standard IFRS 9 means that there is only limited comparability with the prior-year figures. The common equity tier 1 capital ratio at NORD/LB rose further and stood at 12.8 per cent as at 31 March 2018.

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Bunker prices continue upward trend

World oil indexes have demonstrated firm upward trend during the week (despite of slight de-cline on May 23 due to an unexpected build in U.S. crude and gasoline inventories) and were at their highest in three and a half years. Geopolitics continued to be the main supportive factor: the market grows increasingly wary over possible supply outages due to US sanctions on Iran, Venezuela’s crisis, and OPEC’s adherence to its production cut deal.

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Nordic Shipholding Reports 25% Increase in Time Charter Revenues

The Group started 2018 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in January 2018 and February 2018 for the 6 vessels was approximately 25% higher than the average TCE rate in Q4 2017. However, the TCEs earned in March 2018 fell short of expectations and were generally below the average TCEs earned in the previous 2 months. As a result, the average TCEs earned by the 6 vessels in Q1 2018 came in below the forecasted rates.

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DNO reports payment for Tawke deliveries

DNO ASA, the Norwegian oil and gas operator, has reported receipt of $47.23 million from the Kurdistan Regional Government as payment for February 2018 crude oil deliveries to the export market from the Tawke license.

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