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...]
U.S. Fund Manager to Launch First ETF for Shipping Futures
By Jonathan Saul and Maiya Keidan LONDON, March 8 (Reuters) - U.S.-based fund manager Breakwave Advisors is launching the first exchange-traded fund (ETF) focusing on freight futures, reflecting growing investor interest in shipping as it emerges from a near-decade long crisis, a regulatory filing showed. Around 90 percent of traded goods by volume are transported by … [Read more...]
Hedge Funds Hook Shipping Stocks Grappling for Recovery
By Maiya Keidan and Jonathan Saul LONDON, Feb 15 (Reuters) - Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarter of 2017, but significantly stepped up their bets in the final three … [Read more...]
Norway Wealth Fund Dumps Shipping Investments, Others on Ethics Grounds
By Jonas Bergman (Bloomberg) -- Norway’s wealth fund dumped a series of companies involved in making nuclear weapons and excluded others based on human rights concerns as the $1.1 trillion investor steps up its scrutiny over how corporations behave. AECOM, BAE Systems, Fluor Corp. and Huntington Ingalls Industries Inc. were excluded “because of their involvement in the … [Read more...]