By Irene García Pérez and Libby Cherry (Bloomberg) --French shipping giant CMA CGM SA has found a window of opportunity to refinance its debt due in January. The company, which is the world’s fourth-largest container shipping company, is selling 525 million-euros ($619.3 million) of senior unsecured notes due 2026. The proceeds will be used to redeem, together with available … [Read more...]
Citigroup’s New Shipping Finance Chairman to Deepen Environmental Focus
By Jonathan Saul LONDON, Aug 22 (Reuters) - Citigroup's veteran shipping finance banker Michael Parker is to become chairman of the bank's shipping & logistics business, a role which will include bolstering the lender's environmental focus in the sector, Citi said on Thursday. In June, Citi was among a group of leading banks who signed up to environmental commitments … [Read more...]
Banks With $100 Billion in Shipping Loans Get Strict on Climate
(Bloomberg) --A group of financiers with $100 billion of loans to shipowners are about to get stricter on the kinds of vessels they’ll finance as part of a drive to improve the maritime industry’s environmental performance. Eleven major financiers including Citigroup Inc. and Societe Generale SA are for the first time adopting a set of principles requiring them to maintain … [Read more...]
Hedge Funds Hunt for Shipping Debt in New Market Push
By Jonathan Saul and Maiya Keidan LONDON, Feb 20 (Reuters) - A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector. World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping … [Read more...]
Deutsche Bank Sells $1 Billion Ship Loan Portfolio
By Arno Schuetze FRANKFURT, June 19 (Reuters) - Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday. Reuters reported last week that the sale of the portfolio was imminent, as the bank draws a line under sour investments in the sector and starts a fresh push … [Read more...]