Euronav’s hopes of acquiring five OSG-owned VLCCs were dashed this week when OSG and their debtors came to an agreement to withdraw a previously-announced motion to auction off the ships.
OSG and their debtors drew up a new term sheet whereby OSG will raise $750 million through a combination of a rights offering of stock and secured exit financing. The proceeds of the Rights Offering and such exit financing will enable the Debtors to satisfy the secured claims of the Export-Import Bank of China (CEXIM) in full, in cash.
The vessels had received a $225 million bid from a joint venture between GSO Capital Partners LP and Euronav N.V.
CAIRO, March 2 (Reuters) – The Houthi Transport Ministry in Yemen said on Saturday there had been a “glitch” in undersea communication cables in the Red Sea as a result of actions...
by Captain John Konrad (gCaptain) In the current American labor landscape, the stark contrast between the assertive strides of transportation unions and the maritime sector’s unique labor challenges is striking....
By Mikhail Flores MANILA, Dec 2 (Reuters) – Evacuations were under way in the Philippines after a quake of at least magnitude 7.5 struck the southern region of Mindanao on Saturday night,...
December 2, 2023
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