Triton Investments No.8 have bought a 80.77% stake in struggling Singapore-listed offshore player Japser Investments for just SGD1.25m ($899,487), a discount of 93.33% over its last traded price.
The share price of offshore yard group Vard plunged around 28% in early trading, prompting an investigation from the Singapore Stock Exchange (SGX).
Leading dry bulk players believe the worst maybe over for the capesize market with a high volume of scrapping, and a lack of forward cover by charterers, giving the possibility of spikes in the market.
Despite an extremely weak dry bulk in April the Singapore Exchange (SGX) reported a 700% increase year-on-year for freight derivative volumes.
Noble Group’s shareholders overwhelmingly voted to approve the company’s accounts on Friday, following recent allegations of improper accounting.
Mercator Lines (Singapore) Ltd has appointed an independent financial advisor as seeks to assess options for its financial affairs as the record low dry bulk freight market takes its toll.
Noble Group is launching legal action against Iceberg Research as the anoymous blogger publishes it third report into the commodities and shipping group, questioning debt levels and linking it to the collapse of OW Bunker.
Capesize bulker rates fell 23% in February dragged down by the Chinese New Year holidays, however, panamaxes showed some signs of bottoming out according to a report from the Singapore Exchange (SGX).