Finance News

 

Reinsurers Set to Bear Brunt of Costs for Suez Canal Grounding

Apr 08, 2021

Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars.International supply chains were thrown…

Lloyd's of London Sees 'Large Loss' Due to Suez Canal Blockage

Mar 31, 2021

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic…

Hapag-Lloyd Avoids Forecast Due to Coronavirus Uncertainty

Mar 18, 2021

German container shipper Hapag-Lloyd said on Thursday it almost tripled its net result in 2020 due to lower costs and higher freight rates, but shied away from specifying 2021 results due to uncertainty in the coronavirus crisis.The net result in 2020 amounted to 935 million euros ($1…

Top Japanese Lenders Join Shipping Industry Scheme to Cut Carbon

Mar 16, 2021

Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation…

Satellite Data Company Spire to Go Public in Latest SPAC Space Deal

Mar 01, 2021

Satellite data company Spire Global Inc said on Monday it has agreed to go public through a merger with blank-check acquisition firm NavSight Holdings Inc at a $1.6 billion valuation.It is the latest example of a special purpose acquisition…

MARKETS: Hedge Funds Sell Oil

Mar 01, 2021

Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November.Hedge funds and other…

Hapag-Lloyd Expects Q1 Operating Profit to More Than Triple

Feb 16, 2021

Germany's Hapag-Lloyd sees its first-quarter operating profit more than tripling to at least 1.5 billion euros ($1.81 billion) thanks to strong demand for container transportation amid the coronavirus pandemic, it said on Tuesday.The company…

Maersk Boosted by Trade Recovery, But Misses Forecasts

Feb 10, 2021

A surge in demand for goods like furniture and exercise equipment from locked-down consumers has sparked a jump in shipping rates, boosting profits for Danish freight giant Maersk, the company said on Wednesday.Yet shares in the world’s largest…

Hapag-Lloyd Secures 'Green Financing' for LNG-powered Newbuilds

Feb 09, 2021

German shipping company Hapag-Lloyd has joined the shift to green financing, securing funds for six liquefied natural gas (LNG) powered, 23,500 TEU containerships it ordered in December 2020.The firm said it concluded two transactions according…

Euronav Posts 4Q Loss. Expects Pressure on Freight Rates to Continue in 2021

Feb 04, 2021

Belgium's Euronav expects pressure on freight rates to continue until late 2021, the tanker operator said as it reported weaker than expected quarterly results on Thursday, citing OPEC+ export cuts because of the COVID-19 pandemic's impact on demand for oil…

Asian Market, Fuel Prices Drive Freight Rates in Valenciaport

Jan 15, 2021

The Valencia Containerized Freight Index (VCFI) of December experienced a growth of 4.19% with respect to the previous month, confirming the trend of the last five months of the year of increased freight rates. The high demand for traffic with…

Carnival Cruise Line Names Campbell CFO

Jan 13, 2021

Carnival Cruise Line said it has named Darrell Campbell as chief financial officer. He joins the U.S.-based cruise operator from parent company Carnival Corporation where he has served as corporate treasurer since 2017.Prior to his role at Carnival Corp…

Mercuria Teams Up with Envysion for Project Investment

Jan 07, 2021

Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal…

Suez Canal Annual Revenues Fell 3% in 2020

Jan 04, 2021

Egypt’s revenues from the Suez Canal in 2020 declined 3% to $5.61 billion compared to 2019, the canal authority said in a statement on Sunday.Transit fees for all types of ships would remain unchanged in 2021 and would include reductions and incentives offered in 2020…

Sherrard Enhances Squire Patton Boggs Commodities and Shipping Capabilities

Jan 04, 2021

Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice. She joins the firm from Clifford Chance where she was Head of the Asia…

Logistics News

Cargotec Appoints Lindholm as President and CEO

Cargotec Appoints Lindholm as President and CEO

Italian Union Files Legal Complaint Against Snam's LNG Terminal

Italian Union Files Legal Complaint Against Snam's LNG Terminal

EVENT: Reuters U.S. Offshore Wind Returns to Boston

EVENT: Reuters U.S. Offshore Wind Returns to Boston

Wisconsin Awards $5.3 Million in Harbor Maintenance Grants

Wisconsin Awards $5.3 Million in Harbor Maintenance Grants

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