Norwegian mutual war risk insurer, Den Norske Krigsforsikring for Skib (DNK), and the Norwegian Shipowners’ Association (NSA) are establishing a new setup, Norma Cyber, which will cover cyber risk for DNK members from 1 January 2021.
The Panama Ship Registry has joined the Maritime Anti-Corruption Network (MACN) becoming part of the world’s largest group of maritime companies fighting for a better and corruption-free business environment.
Technical consultancy AqualisBraemar has inked an agreement to acquire 100% stake in rival LOC Group to create a leading global independent offshore energy and marine consultancy.
Sovcomflot (SCF) has released Q3 results to end-September showing that time-charter equivalent (TCE) revenue increased 22% year-on-year to $1.07bn while net profit more than doubled to $249.5m.
China Development Bank (CDB) Financial Leasing has entered into a sale-and-leaseback deal for six ultramax bulk carriers with Germany’s Oldendorff Carriers.
Pacific International Lines (PIL) has announced to the Singapore Exchange (SGX) that it will not make payment on the SGD60m ($44.6m) notes that was due Monday.
Ship finance has undergone some major changes over the last 12 years and the once dominant European banks and traditional mortgage lending has increasingly been replaced by leasing.