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Keep informed with daily analysis and insight into shipping’s relationship with financial markets including company results, credit reports and investment decisions

OOIL raises $120m to fund newbuilds and containers

OOIL says the proceeds will be used to fund vessels under construction, purchase containers or for other possible investments in the future. JP Morgan has been designated as both the deal manager and the seller’s agent

Asia Pacific Containers

Tanker scrapping to rebound from 23-year low

More than 90 vessels in excess of 34,000 dwt are forecast for scrapping in 2021, compared with only 25 last year, shipbroker says

International Tankers and Gas

DHT to buy VLCC pair for $136m

The company will receive the two DSME 2016-built very large crude carriers during the first half of this year from an an undisclosed seller

International DHT

Total agrees LNG carrier charter deal with Sovcomflot

The French energy major will take in a newbuilding 174,000 cu m liquefied natural gas carrier from Sovcomflot in 2021 and have options to take in two more vessels

Sovcomflot Environment

Supply chain chaos rooted in box shipping’s contract culture

There are few things new in container shipping. Today’s problems reflect a long history of both shippers and carriers being wrongly incentivised to commit to what they have agreed to

International Containers

Bank creditors take shares in Bourbon restructuring

The restructuring arrangement reduces Bourbon’s debt from more than $3bn to around $1.3bn, putting it back on its keel following the adverse impact of the oil price downturn

France Finance

Castor acquires first capesize bulker

The Petros Panagiotidis-led owner said it had agreed a purchase price of $17.5m for the vessel, but only identified it as a capesize built in 2006 in Japan. However, the description matches the 15-year-old, 180,200 dwt Ocean Compass built by the Imabari Shipbuilding Saijo shipyard

Dry Bulk Capes

MOL launches start-up fund

MOL PLUS aims to generate synergetic effects by combining innovative ideas and technologies from start-ups with the group’s resources to create new businesses that will add value to the ocean shipping industry and society. The Japanese line joins other shipping companies that have also promoted start-ups

Japan Containers

Rainmaking to expand maritime start-up platform

Rainmaking aims to achieve greater collaboration between clients and industry decision makers through its open innovation platform

Singapore Dry Bulk

Navigator Gas plans first carbon-neutral voyage

The company wants to reduce its own emissions, but given the absence of sufficient alternative fuels for deepsea voyages, carbon offsets are required at this point, according to Navigator Gas chief commercial officer

Environment Energy

Navios Logistics eyes New York IPO

Company says an offering is expected to take place after the US regulator completes its review process, subject to market and other conditions

Navios Group South America

Freight rate volatility pushes derivatives trading to 12-year high

The tanker FFA market’s growth is ‘a story of medium-term development, not just a busy 2020. We’ve seen consistent growth since 2017’, said Tom Stockton, head of the FFA wet brokers’ association

International Dry Bulk