Malaysia’s Bumi Armada has refinanced $660m of its short-term corporate debts to improve its balance sheet and is looking to dispose of some assets to free up cash.
The chairman of the board and executive director of Brightoil Petroleum (Holdings) Limited, Dr Sit Kwong Lam, was vacated as he was adjudged to be a bankrupt by the High Court of Hong Kong.
Scorpio Bulkers has announced a sell and leaseback deal involving six ultramax vessels with China’s Avic International Leasing.
The Greek shipowner’s ability to address the ebbs and flows which characterise the shipping industry has served them well in the past and they need to re-commit in order to continue the growth of Greek shipping, says analyst Petrofin Research.
Maritime companies have generally failed to gain respect from investors. With a few exceptions, share prices are below the net asset values - a proxy for the liquidation value if a company could be broken up, assets sold, and debt paid off.
Navig8 Chemical Tankers Inc. has entered into a sale and leaseback agreement with China’s ICBC Financial Leasing for four 37,000-dwt product tankers.
Hyundai Heavy Industries (HHI) signed a definitive agreement last Friday to acquire Daewoo Shipbuilding & Marine Engineering (DSME), supported by DSME’s main creditor Korea Development Bank (KDB).