Takeover tussles, mystery tycoons and all-action newcom

Shipping never sleeps and 2017 was a year full of activity. New names and familiar faces made the headlines in a year which ended on a more positive note than it started for many markets. Below were the most popular articles among readers of TradeWinds. DryShips chief executive George Economou was an active player in […]

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Hapag completes $414m capital increase

Hapag-Lloyd has successfully completed its EUR 352m ($414m) fundraiser launched last month. A vast majority of 96.5% of existing shareholders exercised their subscription rights and bought more than 11.5m shares for EUR 30 each. The new shares will carry full dividend rights as of 1 January and the company’s share capital will be increased to […]

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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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Hansson hires Giaever to fill twin CFO posts

Fearnley Securities man comes in to replace departing Turid Sorensen. Herbjorn Hansson has recruited Bjorn Giaever as the new chief financial officer of Nordic American Tankers and Nordic American Offshore. Giaever has been brought in from Fearnley Securities to replace Turid Sorensen at both companies. Fifty-year-old Giaever has many recognizable Norwegian shipping names on his […]

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S&P warns of potential downgrade for Maersk

Agency puts Danish shipping giant’s credit rating on watch following Maersk Oil sale. Standard & Poor’s warned that it could downgrade the credit ratings of AP Moller-Maersk after the Danish shipping giant’s $7.45bn sale of its oil and gas subsidiary. The US credit rating agency put Maersk on “CreditWatch with negative implications”, signaling that the […]

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TOTE unveiled as buyer of Philly newbuildings

US owner and compatriot shipbuilder confirm project for boxship quartet. TOTE Maritime has emerged as the “blue-chip operating company” behind an order for four containerships at Philly Shipyard. Both outfits confirmed today that they are jointly working on the project. Philly Shipyard announced the letter of intent (LOI) for the construction of four ships a […]

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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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With warchest, Genco in position to strike

New York-listed bulker’s $180m cash position could allow it to buy seven to eight capesize vessels, analyst says. Genco Shipping & Trading is positioned with ample liquidity that puts it in a position to take advantage of buying opportunities, an analyst said after the company’s earnings report. Clarksons Platou Securities’ John Gandolfo said the bulker […]

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Eagle Bulk's second quarter revenue doubles

Larger owned and chartered-in fleet help drive results as net loss lower than expected. Eagle Bulk Shipping reported a narrower-than-expected loss for the second quarter as revenue at the company rose 109% over the year earlier period.  The supramax-and-ultramax specialist reported a net loss of $5.9m versus a $22.5m loss for the year-earlier period. The […]

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