Vitol aims to refinance Latvian Shipping

Share issue of up to $71m planned as trader and owner boosts holding in Riga tanker company to 91%. Oil trader and shipowner Vitol is planning a refinancing of Latvian Shipping Company’s debt. The Riga-based product tanker operator said its major shareholder plans to increase the share capital by EUR 60m ($71.37m) to EUR 120m […]

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Great Eastern sells bonds worth $23m

Indian owner follows up LPGC purchase with new debt issue. India’s Great Eastern Shipping (GE) has raised INR 1.5bn ($23.39m) through a bond sale. The debt matures over seven years with an interest rate of 8.05%. The private placement was completed on 31 August, according to the National Securities Depository (NSDL). Last week, the owner […]

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Latvian Shipping sells HQ to UAE

Riga tanker owner banks $5m as head office becomes foreign embassy. Latvian Shipping Company (LSC) has agreed to sell its offices in Riga for EUR 4.2m ($4.96m). The tanker owner, controlled by Vitol, said the government of the UAE will take over the six-storey premises on Elizabetes Street as an embassy. LSC will continue to […]

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Fjord1 cleared for full Oslo listing

Oslo Bors directors ready to admit ferry owner’s shares. Per Saevik-backed ferry company Fjord1 has been approved for a full Oslo Stock Exchange listing. The bourse’s board has said the shipowner must fix a date to list no later than 25 September. TradeWinds reported earlier this year that the company joined the Oslo Merkur Market […]

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CLC falls further as it eyes tanker buy

Newly listed Philippines owner reveals more of its acquisition plans post-IPO. The share price of newly listed Philippines shipowner Chelsea Logistics Corp (CLC) has fallen on its second day of trading as executives revealed more of their acquisition plans. The stock was down 4.92% at PHP 10.04 on Wednesday, against the IPO price of PHP […]

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Latvia to sell its LSC shares to Vitol

State decides to offload tanker company stake to majority owner for $17m. The Latvian government is selling out of product tanker owner Latvian Shipping Company (LSC) as Vitol seeks to take full control. The trader and shipowner has launched a mandatory offer for the remaining shares after building its holding to 70.75%. Latvia’s privatisation agency […]

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