German banks have dealt with most of their toxic debt, but are still struggling with bad loans from exposure to the shipping industry.
Standard Chartered has announced the completion of three shipping finance deals in excess of $1.6bn concluded in the third quarter of 2016 for clients in Asia and the Middle East.
Japan sold 2.64 million barrels of bonded bunker fuel in March, up 13.5% from February and up 10.3% year on year, according to data released Wednesday by the Ministry of Economy, Trade and Industry.
“During the first quarter of 2018, additional bulk carriers were taken on long-term time-charter in anticipation of further dry cargo market improvements”, says CEO Mads P. Zacho, adding that “earnings for our gas carriers were as expected”.
Hong Kong should cut profits tax by half and provide loans for vessel owners and supporting professionals to lure shipping business back from regional rival Singapore, a task force set up by the government says.
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.