Finance

  • Nakilat announces 15.6% increased profits for the...

    Nakilat announced its financial results for the first half of the year ended 30 June 2021, with the company achieving a net profit of QR 636 million compared to QR 550 million during the same period in 2020, an increase of 15.6%.

     

  • ShipMoney Introduces Money Transfer Scheduler

    Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global provider of digital payment solutions for maritime companies, has launched the ShipMoney Money Transfer Scheduler. This new feature allows seafarers to preschedule automated transfers from their ShipMoney cards to bank accounts, companion cards, as well as for cash pickup via MoneyGram, TransFast and soon, Western Union.

     

  • Extreme spot rates heading for $20,000

    In April’s Logistics Executive Briefing, Drewry flagged the issue of “extreme freight rates” and predicted that spot rates would continue to increase. Three months on, spot rates have jumped by another 70% or so and we expect rates to get close to $20,000 on some lanes.

     

  • OSG begins strategic review after receiving...

    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.

     

  • Ports in Southern California expect another boom...

    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.

     

  • Cadeler spends $651M for two of the largest wind...

    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.

     

  • Nation’s shipyards contribute $42 billion to...

    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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Bouchard Transportation’s Tugs and Barges Auctioned Off

The auction of the assets of Bouchard Transportation Company proceeded on July 18 under the process approved by the bankruptcy court. Before the auction, the reorganization officer for the oil barge transport company had selected an initial bid of $110 million for assets, which included 12 barges and 17 tugboats. Reports indicate, however, that the initial bidder selected by the company was outbid during the auction.

 
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Seaspan Raises $750M in "Blue" Bonds After Giant LNG-Boxship Orders

The non-operating container ship owner Seaspan Corporation announced Wednesday that it has raised $750 million in "blue"-branded bonds, up 50 percent from a planned $500 million issuance. The funds will be used for sustainability-linked purposes in line with a previously-released "blue transition bond framework," which names LNG as the transition fuel of choice for the short to medium term. 

 
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