Global Maritime Investments Cyprus filed for chapter 11 bankruptcy protection in New York on Tuesday and is to liquidate its business, reports say.
Seaspan Corporation has announced that it has signed a framework cooperation agreement with the China Exim Bank for up to $1bn in export credit facilities. The credit facilities support Seaspan’s purchase of vessels from Chinese shipyards within the next three years.
India could face a dramatic change to its ship financing landscape with the Export-Import Bank of India planning to establish a Maritime Financing Facility (MFF) at the International Financial Services Centre (IFSC) in Ahmedabad, in association with commercial banks. The move is intended to get Indian shipping firms to go for special purpose vehicles (SPVs) when financing deals.
Singapore-listed offshore services provider Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company.
The past couple of weeks have been all about China, when it comes to global financial headlines, as concerns have been rising on whether the current crisis is more than a temporarty blip, before normal service is resumed. In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market. Some Chinese policymakers call the slowdown “the new normal” and that they have overseen the smooth transition in annual growth from 10 per cent to a still impressive 7 per cent.
Hong Kong-listed financial services provider Far East Horizon has announced that it has reached agreements with Shanghai Guotai Junan Security Asset Management for the disposal of two financial leasing subsidiaries.
US-based Primesouth, a leader in power plant services, has won a five-year, $339 million contract from Lebanon’s Ministry of Energy and Water to operate and maintain the Zahrani and Deir Amar power plants, a report said.
The world's biggest oil producer is spending as much now as it did before the crash in crude prices signalling no surrender in Saudi Arabia's battle with rivals.
GE Oil & Gas' Downstream Technology Solutions (DTS) business has won a 15-year technical development partnership deal from Qatar Fertiliser Company (Qafco), according to a report.