June 23 (Reuters) - Ratings agency Standard & Poor's on Tuesday downgraded bonds of Carnival Corp to junk status, forecasting continued weak demand for the cruise industry hammered by the COVID-19 pandemic. Standard & Poor's cut its rating on the world's biggest cruise operator's secured bonds to 'BB+' from 'BBB-', and its unsecured bonds to 'BB-' from 'BBB-'. Both … [Read more...]
Transocean Is The Decade’s Biggest Loser
With COVID19 wreaking havoc in the stock market, you might think that travel or tourism stock might be the biggest losers of the past decade. But, according to a new report by Kiplinger, we are technically still in an eleven-year bull run. Many companies are still making money but the biggest losers, like Transocean, have lost big. With a current market value of about $1.5 … [Read more...]
Credit Suisse, Others Back Initiative to Factor CO2 Cuts into Shipping Finance
By Jonathan Saul LONDON, Jan 30 (Reuters) - Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions. Global shipping accounts for 2.2% of the world's CO2 emissions and the industry is under pressure to reduce those emissions and other … [Read more...]
DP World Hires Banks for $1 Billion Bond
By Archana Narayanan and Alaa Shahine (Bloomberg) --DP World Plc is hiring banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator may kick off the sale as early as this week, said two of the people, asking not to be identified because the … [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...]