Finance

  • Why stratospheric container rates could rocket...

    Spot ocean container rates are up triple digits year on year, therefore, they must be near their peak. They’re so high they don’t have much more room to run. So goes a common belief in the container market, despite the fact that this premise has already been proven wrong, and that container rates could theoretically have a lot more room to run if the upper limit is defined the same way it is in non-containerized shipping.

     

  • WFW advises Euromot and Navigazione Montanari on...

    Watson Farley & Williams (“WFW”) has advised Euromont Shipping Company S.p.A. (“Euromont”) and Navigazione Montanari S.p.A. (“Navigazione Montanari”) on c.€35m loan granted by illimity Bank S.p.A. (“illimity”) for the renewal of Navigazione Montanari’s fleet.

     

  • HMM ships medical supplies to India for $1 per...

    With India fighting a deadly second wave of Covid-19, South Korean shipping line HMM has announced that it will charge $1 for each container containing medical supplies sent to the nation, with vessel space and equipment assigned top priority.

     

  • Genting Hong Kong reaches terms for $2.6 billion...

    Genting Hong Kong, the owners of three cruise lines, German shipyards, and entertainment/leisure businesses, announced that it has completed terms for a $2.6 billion recapitalization of the business that will keep its shipyards operating and return the company to financial stability. In August 2020, citing the material impact on its financial positions and results from operations due to the pandemic, Genting Hong Kong announced that it was suspending payments to its financial creditors to preserve liquidity while it sought to refinance the company.

     

  • AB Klaipėdos nafta preliminary revenue for April...

    The preliminary sales revenue of the Company’s oil terminals for April 2021 comprises EUR 0.9 million and is lower by EUR 2.2 million or by 71 % compared to April of 2020. The preliminary sales revenue of the Company’s oil terminals for the four months of 2021 comprises EUR 6.3 million and is lower by 41 % compared to the same period of 2020.

     

  • PortMiami receives federal money for Pilot Shore...

    PortMiami is proceeding with a pilot program to develop shore power to permit cruise ships in the port to begin cold ironing. The port is receiving a $2 million allocation from the U.S. Environmental Protection Agency’s Diesel Emissions Reduction Act to help fund the Shore Power Pilot Program. 

     

  • ATI applies to raise cargo handling rates at Port...

    Listed port operator Asian Terminals, Inc. (ATI) and its unit ATI Batangas, Inc. (ATIBI) have filed applications with the Philippine Ports Authority (PPA) to increase cargo handling tariffs at the Phase I and Phase II terminals of the Port of Batangas.

     

  • AB Klaipėdos nafta unaudited financial...

    AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the three months ended 31 March 2021.

     

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AB Klaipėdos nafta preliminary revenue for May 2021

The preliminary sales revenue of the Company’s oil terminals for May 2021 comprises EUR 1.8 million and is lower by EUR 1.3 million or by 41.9 % compared to May of 2020. The preliminary sales revenue of the Company’s oil terminals for the five months of 2021 comprises EUR 8.1 million and is lower by 41.3 % compared to the same period of 2020.

 
English

Germany finalizes terms of financial rescue for MV Werften Shipyard

The German federal government approved a new round of financing to support the financially troubled MV Werften shipyard with operations in Wismar, Warnemunde, and Stralsund, Germany. The shipyard had been facing bankruptcy since its operations were suspended 14 months ago during the pandemic and had been contributing to the financial difficulties of its parent company Genting Hong Kong. The shipyard had received a series of bridge loans starting last fall to continue limited operations.

 
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