The fund would help smaller players in the industry access the finance that has all too often proved elusive in the wake of the global financial crisis.
Another South Korean shipping company, Dong-A Tanker, has been plagued with liquidity crunches and weak revenue.
CMES halted stock trading from 2 May due to major asset restructuring
Navios has acquired five container ships from Rickmers Maritime Trust for USD59 million. The transaction releases Rickmers from its obligations to a BNP Paribas loan facility.
As expected, OPEC-driven cuts are being extended through March 2018. This is not good news for tanker owners, yet rising exports from Atlantic Basin producers will soften the blow.
China Shipbuilding Industry Corporation is preparing to expand its business on the back of growing demand for military vessels.
South Korean shipbuilder DSME aims to finalise the sale of two non-core subsidiaries as part of its revival efforts to secure liquidity.
Singapore’s Vallianz Holdings secured charter contracts valued at USD115 million, and its rights cum warrants issue could see Rawabi Holding Company become its largest shareholder.
Stolt-Nielsen Gas has ordered two 7,500 m3 LNG carriers from Keppel Singmarine, valued at USD80 million, bolstering its efforts to serve stranded demand.
Negative rating outlook by Standard & Poor's reflects the potential that Noble Group’s cash flow and profitability will remain weak on concerns surrounding the commodity trader’s ability to manage its debts due to an unsustainable capital structure.