Finance
Keep informed with daily analysis and insight into shipping’s relationship with financial markets including company results, credit reports and investment decisions
Leaked charterparty hints at premiums earned on sanctioned trades
Sanctioned trades are a risky, but potentially profitable business. Leaked documents offer anecdotal evidence as to what shipowners engaged in Iranian trades earned in 2021 and 2022
D’Amico’s $43.5m tanker acquisition falls through
Milan-listed product tanker owner d’Amico International Shipping has cancelled a Memorandum of Agreement to acquire the 2017-built tanker Amfitrion because of the sellers’ ‘failure to comply with the latest possible delivery date of the vessel’. The company plans to ‘monitor the market’ for other opportunities
CMA CGM results dip in second quarter vs first quarter despite spot-rate rise
Second-quarter results of CMA CGM highlight how changes in spot-rate indexes do not necessarily translate into carrier average rates and profits. The substantial increase in spot index levels in 2Q24 compared to 1Q24 is not apparent in CMA CGM’s results
Performance Shipping sees ‘firm’ tanker market remaining
Orderbook including three LNG-ready aframaxes is already in the money due to recent jump in prices, says chief executive
K Line and NYK boost profit forecasts due to Red Sea disruptions
Just 14% of ships on the Asia-Europe trade route are using the Suez Canal, making it less likely for the impact to escalate
SFL follows Dorian’s lead and sells shares. Are more offerings around the corner?
Follow-on offerings by larger shipowners were a mainstay of US public markets in earlier eras. After a long drought, offerings by SFL and Dorian hint at a potential re-emergence of capital raising on Wall Street
Rate hikes and supplementary calls boost Japan Club financial statements
Marine mutual highlights challenges facing insurers in wake of pandemic, including Ukraine invasion and Houthi assault on merchant vessels
Red Sea attacks set to boost liner profits in second and third quarters
Diversions around the Cape of Good Hope caused spot container freight rates to spike. While most of the carriers’ volume is on contract, not spot, financial data confirm that carriers are indeed capturing the upside
Berenberg’s ship finance downturn play now vindicated, Wünschmann insists
Leveraged syndicated mortgage model seen as third way between bilateral lending and leasing deals
Container manufacturers cashing in on Red Sea disruption and market frenzy
Replacement demand and potential new disruptions could help sustain the companies’ profitability
HD KSOE’s STX Heavy takeover approved with safeguards for rivals
South Korean government conditionally approves the deal. It is concerned a de facto monopoly could prevent the supply of a key ship engine component to competitors such as Hanwha Engine
Scorpio discloses more share buybacks
Scorpio Tankers disclosed a further 756,312 in share repurchases after acquiring 641,654 shares in mid-June, for a total of $109.2m. Jefferies said it viewed the acquisitions as ‘attractive’ given Scorpio’s cash flow generation and discount to net asset value
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