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Trafigura Offers COVID-19 Premium

(Photo: Trafigura)

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other

New Stock Index Launched for LNG Shipping

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A newly launched stock index family is designed to measure the performance of companies involved in maritime transport of liquefied natural gas (LNG).The rules-based UP World LNG Shipping Index covers 17 publicly traded companies and partnerships from countries such as the U.S., Qatar, Japan, Norway, South Korea and Malaysia.

Wärtsilä’s Eskola: Impact of COVID-19 "Clearly Visible" on 1H Results

“Given this difficult back-drop, second quarter net sales held up reasonably well; this was mainly thanks to increased equipment deliveries, which offset the volume decline in services,” Jaakko Eskola, President and CEO, Wärtsilä. Photo courtesy: Wärtsilä

Wärtsilä Corporation’s half year financial report through June 2020 was littered with bad news due to the impact of the COVID-19 pandemic, with order intake and order book both down – 19% and 12% respectively in the January to June 2020 period. But the bad news was countered with a report of stable net sales and strong cash flow.

Norwegian Cruise Line Warns of 'Insignificant' Q2 Revenue

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Norwegian Cruise Line Holdings Ltd said on Thursday it expected little revenue in the second quarter, as the COVID-19 pandemic brought global tourism to a standstill and forced the company to suspend all voyages for months.Shares of the cruise operator, which also forecast a full-year loss, fell about 8% in premarket trading.

Carnival to Raise $1.26 Billion in Debt to Deal with COVID-19 Impact

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Carnival Corp is planning to raise about $1.26 billion in a bond offering, the beleaguered cruise operator said Wednesday as it struggles to stay afloat after the COVID-19 pandemic impacted its business.The bond offering is split into a $775 million tranche paying an annual coupon of 10.5%, and 425 million euro-tranche ($484.

Hapag-Lloyd Ups Profits, But Warns of Risks

(Photo: Hapag-Lloyd)

German container shipping line Hapag-Lloyd on Wednesday reported preliminary results for the first half of 2020 showing core profits above those of the same 2019 period and upholding its guidance for full year earnings.However, the company said in an ad hoc announcement that the forecast was subject

Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil

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A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter,

Klaveness Lines Up Sustainability-linked Newbuild Financing

In May, the MV Barracuda made the first switch from dry cargo to jet fuel . (Photo: KCC)

Norwegian shipping company Klaveness Combination Carriers (KCC) said it has secured a $60 million sustainability-linked term loan and revolving credit facility for the financing of the seventh and eighth CLEANBU vessels with delivery in 2021, reportedly a first within the maritime industry. Nordea is

SAAM Places $42 Million in Bonds

(Photo: SAAM)

SAAM, operator of port, towage and logistics services in the Americas, placed a total of UF 1.2 million (US$42 million) in bonds on the local market Tuesday. The funds will be used primarily to finance the company’s investment plan, it said.“The placement drew strong demand from local capital market investors.

Carnival's Credit Rating Cut to Junk Status by S&P

File photo: Carnival Corp

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-‘.

Carnival Posts $4.4 Billion Quarterly Loss

(File photo: Carnival Corp)

Carnival Corp reported a quarterly net loss of $4.4 billion on Thursday, as the cruise operator took major write-downs on the sale of some ships and was virtually crippled by the global COVID-19 pandemic.Shares of the Florida-based company, which also warned of a net loss for the rest of the year, fell over 4% in premarket trading.

Jeff Bezos Invests in Digital Freight Forwarder Beacon

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Amazon.com Inc Chief Executive Jeff Bezos has picked British startup Beacon, a digital freight forwarder, for his latest investment.Beacon said on Sunday it raised over $15 million in Series A fundraising, from investors including Bezos and venture capital firm 8VC.The startup, formed by two former Uber Technologies Inc executives two years ago,

COVID-19 Puts Copenhagen Cruise Terminal on Ice

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With uncertainty surrounding business in general, and specifically the future shape and form of the cruise industry, it was announced the the establishment of the new cruise terminal in Copenhagen is postponed indefinitelyA very significantly changed cruise market, due to the crisis with the coronavirus pandemic,

EU Approves Finnish Aid to Maritime Companies Impacted by COVID-19

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The European Commission has approved a €600 million ($668.1 million) Finnish aid scheme to support maritime companies impacted by the coronavirus outbreak.The aid scheme will take the form of State guarantees on working capital loans and will be accessible to maritime operators that are essential for

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