Shipping Firms Turn To Equity Markets As Sector Eyes Recovery

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By Jonathan Saul and Freya Berry LONDON, April 17 (Reuters) - Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy … [Read more...]

Höegh Gains More Financing for Newbuild FSRUs


Höegh LNG announced today they have received an upsized agreement with a number of banks to finance the final two FSRUs under construction at Hyundai Heavy Industries. In January, the company received commitment letters for a USD $400 million Senior Secured Credit Facility, however that has now been increased to USD $412 million. In their press release today, Hoegh … [Read more...]

A Porthole of an Exit Window for Shipping Investments?

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After a year where large vessels such as capesize bulkers and supertankers were barely earning break-even day rates, momentum has since picked up in the shipping market translating to higher freight rates and asset prices. There have been a few windows of opportunity here and there since then. After a rather prolonged weakness in the markets – that actually has tested … [Read more...]

Investors Snap Up Shipping Loans As Global Economy Lifts Trade Prospects

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By Jonathan Saul LONDON, April 3 (Reuters) - Global private equity firm KKR has bought $150 million worth of shipping loans from two European banks amid a surge of interest in the industry as world trade in goods picks up along with the global economy. There have been a flurry of deals in recent months for ship finance loans, many of which are being put up for sale by … [Read more...]

German Shipping Bank HSH Needs More Aid

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By Jan Schwartz HAMBURG, Feb 26 (Reuters) - Troubled German public-sector bank HSH Nordbank will likely need more state aid than previously thought due to deep losses in shipping lending and back taxes, the bank's supervisory board chairman said. The bank, one of the world's biggest shipping financiers, has said up to now that it may need up to 1.3 billion euros ($1.79 … [Read more...]

Genco Taps Blackstone After Missing Bond Payment

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Feb. 19 (Bloomberg) -- Genco Shipping & Trading Ltd. hired Blackstone Advisory Partners LP to explore a debt restructuring after the operator of dry-bulk cargo ships missed a $3.1 million interest payment yesterday on its convertible bond. Lenders agreed to waive default for the New York-based freight transporter, according to a filing today with the U.S. Securities and … [Read more...]