Monaco-based Scorpio Bulkers has sold a pair of Ultramax bulkers for USD19 million each and leased them back from the buyer through a five-year bareboat charter agreement.
Chinese bank leasing companies will continue to expand, buoyed by China’s economic growth and the rising importance of the maritime sector.
Equity investors focus more on the short-term earnings outlook and as the pace of recovery in shipping has fallen short of expectations, it has let many investors disappointed, while in the bond market, the situation is different.
The number of dry bulk carriers ordered up to the end of August has risen by 81% against the same period last year, with contracts for 132 vessels of 14 million deadweight tonnes (dwt) placed at shipyards.
Hong Kong asset investor SC Lowy is targeting German banks as a prime opportunity after acquiring the bad shipping loan portfolio of Italy’s Banca Monte dei Paschi di Siena.
The owners of eight unidentified South Korean bunker trading companies allegedly ran a tax scam that netted them nearly USD1 billion.
Chinese shipbuilder Yangzijiang is establishing a joint venture with Japanese trader Mitsui & Co.
Once the acquisition agreement is endorsed by Thomas Miller’s shareholders, signing of the deal is likely to take place in early October.
There are talks of a merger between Singapore’s PACC Offshore Services Holdings (POSH) and Miclyn Express Offshore (MEO).
Wan Hai chairman Chen Ching-Shih has been accused of breach of trust, a "personal matter" to which the company declined comment.