Finance

  • ADNOC awards $744 million contract for full field...

    The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
     

  • SCA Reduces its Payment Demands for Ever Given...

    The negotiations between shipowner Shoei Kisen Kaisha and the Suez Canal Authority over the release of the boxship Ever Given have begun to produce signs of movement, with the SCA reducing the amount of its payment demand and signaling its willingness to accept a reduced deposit. 

     

  • Fitch Affirms Port of Houston IDR, unltd tax...

    Fitch Ratings has affirmed approximately $492.4 million of outstanding Port of Houston Authority, TX (Port Houston, the port) unlimited tax bonds at ‘AA’ and affirmed Port Houston’s Issuer Default Rating (IDR) at ‘AA’. The Rating Outlook is Stable.

     

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OSG begins strategic review after receiving buyout proposal

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.

 
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Ports in Southern California expect another boom year in 2021 to 2022

What began as a crippling year as trade tariffs and the COVID-19 pandemic torpedoed imports and exports through the Port of Long Beach (POLB) and the Port of Los Angeles (POLA), the twin ports of San Pedro Bay, California, turned out to be a record-breaker by year’s end with another boom fiscal year expected to follow in 2021.

 
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Cadeler spends $651M for two of the largest wind installation vessels

The growing number of offshore wind power projects and an increase in the size of the projects and the turbines is building demand for a new generation of larger and more powerful installation vessels. Denmark’s Cadeler, an installation and services company backed by the BW Group, announced plans to invest $651 million to build two of the largest installation vessels, which when introduced will also give the company the largest installation fleet in service.

 
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Nation’s shipyards contribute $42 billion to America's GDP

The United States' private shipyards contribute over $42 billion annually to the nation’s gross domestic product (GDP), according to a new report released by the U.S. Department of Transportation’s Maritime Administration (MARAD). The report was released in support of a proposal by the Biden administration to include significant investments in the maritime industry as part of President Joe Biden’s proposed infrastructure investment legislation.

 
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