By Alex Longley, Firat Kayakiran and Irene García Pérez (Bloomberg) -- If you happen to be at the beach this summer, make a mental note of any giant freighters crossing the horizon. In a few years’ time those same ships will probably be moving just a fraction slower. If the slowdown does happen -- and the likes of Citigroup Inc. say it will -- then the wider consequences … [Read more...]
Danish DFDS To Buy Turkish U.N. Ro-Ro in $1.2 billion deal
by Teis Jensen (Reuters) - Danish shipping and logistics company DFDS has agreed to buy Turkish freight shipping operator U.N. Ro-Ro from Turkish private equity firms Actera Group and Esas Holdings for 950 million euros ($1.17 billion) on a debt-free basis. It marks a change of course for the Turkish company, which had planned an initial public offering for up to 57.7 … [Read more...]
Baltic Index Approaches 6-Month Low
by Arpan Varghese (Reuters) - The Baltic Exchange’s main sea freight index extended its slide to a fourth straight session to touch a near six-month low on Thursday, as rates fell for all vessel segments amid a seasonal slowdown in demand. The overall index, which tracks rates for ships carrying dry bulk commodities, dropped by 38 points, or 3.3 percent, to 1,114 points, the … [Read more...]
The Most Expensive Cruise Ever – Cryptocurrency Geeks Lose Millions While Aboard Ship
By Blake Schmidt (Bloomberg) When 600 cryptocurrency enthusiasts set sail from Singapore on Monday night for their second annual Blockchain Cruise, the price of Bitcoin was hovering comfortably above $13,500. By the time their 1,020-foot-long ship pulled into Thailand on Wednesday, for an afternoon of bottomless drinks and crypto-focused talks on a sun-soaked private beach, … [Read more...]
German Banks Offload “Toxic” Shipping Debt
by Jonathan Saul, Arno Schuetze (Reuters) Top national lenders Deutsche Bank and Commerzbank are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is … [Read more...]