Finance News

 

Jotun Profits Remain Satisfactory

Sep 30, 2009

Jotun expects the difficult global economy to continue to have a greater impact. When compared with the record level  of 2008, the figures in the first eight months of 2009 are still satisfactory. In litres and kilos the group sold one per cent less paint than it did for the same period last year…

Tsakos Energy Semi-Annual Cash Dividend

Sep 29, 2009

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that its Board of Directors has declared the company’s initial cash dividend for the fiscal year 2009 of $0.30 per common share, payable October 29, 2009 to stockholders of record on October 22…

OSG Increase in Proposed Tender Offer Price

Sep 27, 2009

OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the…

GHL Stockholder Approval Of Iridium Acquisition

Sep 25, 2009

GHL Acquisition Corp. (NYX: GHQ, GHQ.WS and GHQ.U) announced that its stockholders have voted to approve its acquisition of Iridium Holdings LLC.  The stockholders of GHL Acquisition also approved all of the other proposals which came before the special meeting of the stockholders…

VT Group Disposal of Shareholding, BVT Surface Fleet

Sep 25, 2009

Support services company VT Group plc announced that it has signed a legally binding agreement with BAE Systems plc on the disposal of its 45 percent shareholding in BVT Surface Fleet Limited, the shipbuilding and naval support joint venture between BAE and VT…

Tight Credit Squeezes Maritime Industry

Sep 13, 2009

“Liquidity has come back to some extent,” said Oliver Ebner, Senior Manager, Project and Structured Finance for the National Bank of Abu Dhabi. “However, shipping with its long tenors, falls right into the banks’ funding mismatch of mainly short term deposits versus long term loans…

Omega Navigation Q2 2009 Results

Sep 10, 2009

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30…

Safe Bulkers Q2 2009 Results

Sep 10, 2009

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Summary of Second Quarter 2009 Results…

Teekay Corp. Reports Q2 Results

Sep 04, 2009

Teekay Corporation (Teekay or the Company) (NYSE:TK) reported an adjusted net loss attributable to stockholders of Teekay(1) of $21.8 million, or $0.30 per share, for the quarter ended June 30, 2009, compared to adjusted net income of $77.1 million…

Concordia Sells Shareholding General Maritime

Aug 30, 2009

Concordia Maritime has sold its holding of 1.5 million shares in the US shipping company General Maritime. As the shares had already been written down to their market value, the sale only marginally affects the company’s equity and total comprehensive income…

Joe Pitch Joins Marine-Finance.Com

Aug 24, 2009

Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group…

Shipbuilders Rally as Hope Builds

Jul 16, 2009

Shipbuilder stocks in Korea rallied today, apparently fueled on hopes the shipbuilding industry had hit bottom in the second quarter and that demand for new vessels may revive as world economies stabilize, according to a Reuters report. Reuters…

Awarded: $17.1m in U.S. Shipyard Grants

Jul 09, 2009

The U.S. Department of Transportation’s Maritime Administration today announced $17.1 million in grants to 14 small shipyards in 10 states.  The grants are part of the Assistance to Small Shipyards program.“Small shipyards are vitally important for the health of the maritime industry…

Container Sector Feels Recession Heat

Jul 07, 2009

Drewry’s latest Container Forecaster analysis predicts casualties and continued unsustainable freight rates unless the industry market share mind-set is discarded. According to Drewry’s analysis, there will be a 10.3% contraction for containers…

Chinese Shipbuilding Industry Faces Credit Crunch

Jul 06, 2009

According to China Daily, the nation’s shipbuilding sector is suffering from a shortage of funds. China's ship builders received 1.18 million deadweight tons (DWT) of new orders in the first five months this year, a decrease of 96 percent year-on-year…

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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