New York-listed owner and operator of crude and product tankers Diamond S Shipping Inc. has closed on a five-year USD 525 million credit facility. The company said that the facility is composed of a USD 375 million term loan and a USD 150 million revolving credit facility. Proceeds from the new credit facility were used…
Hyundai Samho Heavy Industries, part of South Korea’s Hyundai Heavy Industries (HHI) Group, has received two new orders that have a combined worth of KRW 323.7 billion (USD 280.2 million). Under the first deal, the shipbuilder will build a very large crude oil carrier (VLCC) for an undisclosed shipowner in Asia. The vessel is expected…
The old growth model that is based on the burning of fossil fuels and pollution is out of date and is out of touch with our planet, Ursula von der Leyen, the new president of the European Commission, said today in a press conference before presenting the European Green Deal to the European Parliament. Von…
The proposed mega-merger of South Korea’s top-tier shipbuilders Daewoo Shipbuilding & Marine Engineering (DSME) and Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding spinoff of Hyundai Heavy Industries Group, is reportedly about to be subject of a full-scale probe in the EU, Reuters writes citing industry sources. The investigation is expected to be launched next week amid…
European short-sea and feeder ship operators are challenging efforts by the International Transport Workers’ Federation (ITF) to redefine container lashing as a cargo handling activity in order to bring it under the control of unionized dockers. The redefinition, for which ITF is seeking acceptance at a growing number of European ports, will mean that shore-based…
Trusts, especially those set up in jurisdictions like Cayman Islands, Panama and British Virgin Islands, have often been seen as routes for evading taxes. A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by…
There were only 16 mainboard public issues this year against 24 in 2018: Prime Database Funds raised through initial public offerings (IPOs) plunged to a four-year low of ₹12,362 crore this year, against ₹30,959 crore in 2018 — a fall of 60 per cent year-on-year. Despite the market hitting new highs, there were only 16 mainboard IPOs…
The Commonwealth of Independent States (CIS) continues to be the largest importer of Indian teas, but Iran emerged as the most promising market this year. According to the latest data available with the Tea Board, the CIS imported 48.23 million kg (mkg) of teas from India till October this calendar and topped the list of…
The Australian Competition and Consumer Commission (ACCC) has instituted Federal Court proceedings against Tasmanian Ports Corporation (TasPorts) for the alleged misuse of market power by the state-owned port owner. According to ACCC, TasPorts, which owns all but one port in northern Tasmania, sought to stop a new entrant, Engage Marine Tasmania from competing effectively with…
Japanese shipbuilder Mitsubishi Shipbuilding Co. has concluded a contract with compatriot shipowner Mitsui O.S.K. Lines (MOL) to build two LNG-fueled ferries, the first such project in Japan. The contract is being finalized a month after MOL expressed its intention to order the ships. Under the contract, the vessels will be built at the Shimonoseki Shipyard…