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Tuesday, September 17, 2019

Standard Poor News

Pic: Port of Tauranga

Port of Tauranga Posts Record $100mln Profit

The Port of Tauranga,  the largest port in New Zealand, reported profit after tax of more than $100 million for the first time.Group net profit was 6.7 per cent up on the previous year at $100.6 million, fulfilling previous earnings guidance of delivering at the upper end of $96 million to $101 million.The port handled close to 27 million tonnes of cargo, an increase of 10.2 per cent in volume, with container cargo growing 4.3 per cent to more than 1.1 million TEUs, or twenty…

Pic:  Panama Canal

Fitch Affirms Panama Canal 'A' Investment Grade

For the fourth consecutive year, Fitch Ratings has affirmed the Panama Canal's 'A' investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes.The credit rating agency noted that the Panama Canal is "an underlying asset that is critical not only for Panama, but for international commerce, as demonstrated by its stable volume performance, solid competitive position, and well-diversified cargo mix," causing the Panama Canal volume profile to exhibit high levels of resilience.In addition…

Logo: S&P

S&P Revises Danish Ship Finance Outlook

The global provider of benchmarks and investible indices, Standard & Poor’s (S&P) has affirmed the ‘BBB+’ Issuer Credit Rating on Danish Ship Finance and revised the outlook to ‘Stable’ from ’Negative’." We are revising our outlook on Danmarks Skibskredit to stable from negative and affirming the 'BBB+/A-2' issuer credit ratings," it said.S&P justifies the revision with the company’s reduction in nonperforming exposures and robust capitalization and liquidity, which would reduce…

Pic: Panama Canal Authority

Moody's Rated Panama Canal with Stable Outlook

Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance.According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal.

File Image: A containership in the Panama Canal: CREDIT CH2M

S&P Upgrades Panama Canal's Outlook

Two years after the inauguration of the Expanded Panama Canal, Standard & Poor's (S&P) Global Ratings revised its outlook on the Panama Canal from ‘stable’ to ‘positive’ – demonstrating the global impact of the historic waterway. The rating agency also affirmed its 'A-' rating for the Panama Canal, ranking the ACP two notches above that of the sovereign foreign currency rating. The Panama Canal's outlook indicates the rating agency's expectation that it will generate relatively stable annual earnings before interest…

(Photo: SCPA)

South Carolina Ports Achieve Record April

South Carolina Ports Authority announced the highest April container volumes in its history, with growth of 4 percent over the same month last year.SCPA handled 196,439 twenty-foot equivalent container units (TEU) in April. The Port has moved 1.8 million TEUs across the docks of its Wando Welch and North Charleston container terminals since the fiscal year began in July, an increase of nearly 2 percent over the same period last year."Our strong April volumes were driven in part by significant growth of loaded export containers…

Image: Hapag-Lloyd

S&P Confirms Hapag-Lloyd Rating After Merger with UASC

Rating agency Standard & Poor’s confirmed Hapag-Lloyd’s B+ rating and took the company off its CreditWatch with future negative implications. Hapag-Lloyd was upgraded to Outlook Negative. The merger with UASC has added debt to Hapag-Lloyd’s capital structure. However, due to the acquired ships and containers of UASC no bigger investments are planned in the next few years. Thus, more cash flow should be available for repayment of debt and deleveraging. “The company should be able to maintain credit ratios we consider commensurate with the current rating in 2017-2018…

Jim Hagemann Snabe (Photo: A.P. Moller-Maersk)

A.P. Moller-Maersk Elects New Chairman to Steer Digital Transformation

A.P. Moller-Maersk's new chairman committed to automating its systems as the oil and shipping group steps up its drive to become more efficient and save costs at a time of low oil prices and declining freight rates. The more than 100-year-old conglomerate's digital push will mean that in theory, it should be as easy to book a container as booking an airline ticket, Chairman Jim Hagemann Snabe told Reuters shortly after he was elected. "We transport goods in the physical world and that won't change as we won't start beaming things around the world…

File photo: Maersk Line

Moody's Downgrades Maersk's Credit Rating

Moody's downgraded A.P. Moller-Maersk's credit rating on Tuesday, piling pressure on the world's biggest container shipper as it juggles a major restructuring with a multi-billion dollar acquisition of a German rival. Moody's said the downgrade from Baa1 to Baa2 with a negative outlook "reflects Maersk's deteriorating credit profile". The credit rating firm put the Danish shipping company under review in September, when it announced a split-up to focus on the shipping business and spin off its energy assets.

Photo by Panama Canal Authority

S&P Affirms Panama Canal’s 'A-'Ratings

Standard & Poor’s (S&P) Global Ratings affirmed its 'A–' long-term corporate credit and debt ratings of the Panama Canal Authority (ACP), reiterating the credit rating agency’s trust in the management, operation and investments of the Panama Canal. In their research update issued on August 4, 2016, S&P Global Ratings stated that the ACP’s operating and financial performance remained in line with S&P’s expectations. The ratings affirmation reflects S&P’s expectation that following the Expansion…

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge. The blow to investor confidence and the uncertainty the vote has sparked could keep the Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks. The traditional safe-harbor assets of top-rated government debt, the Japanese yen and gold all jumped.

Courtesy Ministry of Fisheries, Govt of Mozambique

Mozambique's Tuna Fleet Rusts as an African Success Story Fades

The 24 fishing boats rusting in the harbour of Mozambique's capital were meant to be a modern tuna fleet that would rake in hard currency, create jobs and provide a cheap source of protein for one of the world's poorest countries. Instead, they have become monuments to government mismanagement and heavy lending by Western banks that have buried a promising African economy in a deep debt crisis. The boats, moored in the harbour of Maputo, were paid for out of an $850-million loan arranged in 2013 by Credit Suisse and Russia's VTB to finance "fishing infrastructure".

Courtesy Saipem S.p.A.

Moody's Reviews Saipem's Rating

San Donato Milanese (Milan), February 10, 2016 – Saipem S.p.A., informs that today Moody’s, through the publication of a press release on its website [www.moodys.com] given below has communicated that it has placed under review the provisional issuer rating of "(P) Baa3 " attributed to Saipem, for a possible downgrade. Saipem was assigned its provisional rating, and which has caused Moody’s to downgrade its expectations for future oil prices. • On the potential impact of the weaker market context on Saipem’s future ability to generate cashflows in line with the strategic plan.

Photo: CMA CGM

NOL Deal Cements CMA CGM's World Status

French container shipping giant CMA CGM is to buy Singapore's Neptune Orient Lines for $2.4 billion, making its biggest-ever acquisition to help it to ride out a severe market downturn. The takeover, which the companies expect to proceed in mid-2016 following anti-trust approvals, would cement family-owned CMA CGM's spot as the world's third-largest container shipping line by handing it market leadership on busy trans-Pacific routes. The acquisition of state-controlled Neptune crowns a recovery for CMA CGM and its founding Saade family…

Pic Credit Steamship Mutual

S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. • the rating could be revised to A if a longer track record of extremely strong capital and stable earnings is demonstrated. “The Club’s underwriting performance and capital strength compare very favourably with the highest rated Clubs in the International Group. The Board is committed to maintaining this strong position which gives security to the Club’s Members.

North P&I Club Sets 2.5% Premium Increase

Directors of the 175 million GT, ‘A’ rated North P&I Club have set a general premium increase of 2.5 percent for both protection and indemnity (P&I) cover and freight demurrage and defence (FD&D) cover in the 2016/17 policy year. According to the club, the relatively low increases compared to recent years reflects an improvement in itss financial position during 2015/16, with favorable claims development more than offsetting negative investment income. According to North’s chairman Pratap Shirke…

Photo Adani Port

Adani Ports Consolidated PAT for Q1FY16 Up 13%

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the quarter ended June 30, 2015. Consolidated cargo across all ports handled by the company was 40 MMT in Q1FY16, an increase of 17%,over corresponding quarter last year. In case of containers, the Mundra port handled 748,000 TEUs in Q1FY16 as against 681,000 TEU’s in corresponding quarter last year resulting in a 10 % growth as compared to growth of 3% aggregate growth in container volumes at all the major ports.

Emblem of Azerbaijan

Azerbaijan Critical After S&P Revises Rating

Azerbaijan criticised Standard & Poor's for resorting to what it said were "double standards" after the agency revised the country's sovereign credit outlook downward to negative on Friday. S&P said Azerbaijan's fiscal and external balances would be hurt by the substantial drop in oil prices, and said the negative outlook reflected pressure on the manat currency from weaker terms of trade. "The revision of Azerbaijan's rating by S&P is resorting to double standards," Vakhid Akhmedov, a lawmaker with the ruling party and a member of the parliamentary economic commission, told Reuters.

North P&I Club Announce 4.75% Increase

Directors of the 180 million GT North P&I club have decided on an overall premium increase of 4.75% for mutual protection and indemnity (P&I) cover next year, with a minimum increase per member of 2.5%. According to North’s chairman Pratap Shirke, “North remains financially secure, with a strong capital position evidenced by Standard & Poor’s affirmation of its ‘A’ stable rating in March following our merger with Sunderland Marine. “However the claims environment remains challenging,” Shirke continued.

Areva Selling Assets, CEO Under Scrutiny

French state-controlled nuclear group Areva will further cut back its investment budget and sell more assets to shore up its balance sheet, and the position of Chief Executive Luc Oursel is under threat, French daily Les Echos said on its website on Monday. The paper said the firm's supervisory board will meet on Tuesday and propose cutting back Areva's annual investment budget by another 100 million to 150 million euros ($125.68-$188.52 million) from 2015 and selling assets worth 500 million to 600 million euros.

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Areva to Cut Investments to Avoid Ratings Downgrade

French state-owned nuclear power group Areva will likely decide this week to scale back investments in order to avoid having its credit rating downgraded to junk status, weekly newspaper Le Journal du Dimanche said. The paper, citing unnamed sources, said Areva's board is expected to decide on investment and spending cuts on Tuesday, the day before credit ratings agency Standard & Poor's (S&P) is due to decide on its long-term credit rating, which is just one notch above non-investment grade territory.

Photo: CMA CGM

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter of 2014. In the second quarter, in a market environment shaped by diverging developments in different regions, CMA CGM reported its consolidated revenue amounted to $4.2 billion, up 3.7% year-on-year, volumes carried increased by 8% to 3.1 million TEUs, and average revenue per TEU decreased by 3.9% over the period.

Standard Club Reserves at Record Levels

February 20, 2014 not only marked the end of The Standard Club’s financial year, but also revealed evident improvement. The club’s combined ratio strengthened to 101%, from 113% in 2013. Gross premium income net of reinsurance increased by $22m to $253m, whilst claims net of reinsurance and operating expenses came to $257 million, a fall of $14m. This produced an underwriting deficit of $4m (a 101% combined ratio), which was covered by an investment surplus of $10m. With free reserves of $369m…

North P&I Club Reports Another 'Stable' Result in a Challenging Year

The 170 million GT, ‘A’ rated North P&I club achieved another ‘stable’ result in a difficult financial year, says chairman Pratap Shirke in the club’s newly published Management Report 2013. ‘This has been a challenging year for the shipping industry as a whole, a year which has seen no abatement in the fragile and unstable global economy and further deterioration in the claims environment. Despite this, North is pleased to report another stable result, which has further consolidated our position as one of the leading P&I clubs’, he says.

Port Metro Vancouver: Pats on the Back

“Port Metro Vancouver is seeking ways to engage with communities and improve the Port and region’s long-term sustainability,” said Robin Silvester, President and Chief Executive Officer, Port Metro Vancouver. “This Gateway must thrive so that we can continue to support the B.C. •    Affirmation from Standard & Poor’s of our AA credit rating, for the third consecutive year. •    Operating revenues increased by three per cent to a record of $186 million. •    We secured a new five-year loan agreement to ensure liquidity for our capital needs.

Cleveland- Cuyahoga County Port Bonds Uprated

Standard & Poor has raised the long-term rating on the Cleveland- Cuyahoga County Port Authority’s development revenue bonds to ‘BBB+. The outlook is stable. In September, Standard & Poor’s upgraded the rating to BBB/Stable. The Port has since secured a new Letter of Credit (LOC) with FirstMerit Bank N.A., headquartered in Akron, Ohio. The characteristics of the new LOC were cited as the prime reason for the upgrade. Port bonds are issued through a program that has a pooled collateral system of reserves, with the most significant one being the LOC.