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...]

STX Offshore to Get New $1.7 Billion Loan In Creditor Rescue Attempt

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SEOUL, Feb 19 (Reuters) - Creditors of South Korea's STX Offshore & Shipbuilding Co Ltd have decided to lend the debt-laden shipbuilder an extra 1.8 trillion won ($1.7 billion), two creditor sources with direct knowledge of the matter said. The fresh funds are being made available after a new round of due diligence uncovered loss-making orders that STX Offshore took on … [Read more...]

China’s Nanjing Tanker Poised To Delist, Underscoring Corporate Woes

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  By Matthew Miller and Fang Yan BEIJING, Feb 18 (Reuters) - CSC Nanjing Tanker Corp is poised to become the first company backed by China's central government to delist from a domestic stock market after it breaches exchange rules and reports its fourth consecutive year of losses. The expected delisting of Nanjing Tanker, the oil and bulk chemicals marine … [Read more...]

Private-Equity Funds Bet $5 Billion on Shipping Rebound

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By Isaac Arnsdorf Feb. 18 (Bloomberg) -- Private-equity and hedge funds are accumulating shipping debt at the fastest pace since they began buying the risky loans from banks two years ago, raising prospects of the firms eventually owning the vessels. About $5 billion in shipping loans has changed hands in the past year, estimates AMA Capital Partners LLC, a fund manager … [Read more...]