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	<title>Marine Money Archives &#187; Company News</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>COSCO Corp Suffers Analyst Downgrades</title>
		<link>http://www.marine-money.com/archive/cosco-corp-suffers-analyst-downgrades</link>
		<comments>http://www.marine-money.com/archive/cosco-corp-suffers-analyst-downgrades#comments</comments>
		<pubDate>Fri, 12 Aug 2011 04:00:23 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[CIMB]]></category>
		<category><![CDATA[COSCO Corporation]]></category>
		<category><![CDATA[DBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10692</guid>
		<description><![CDATA[Last week, Singapore listed COSCO Corporation suffered multiple analyst downgrades from major securities houses. Analysts were largely disappointed by the weak 2Q11 net earnings and flagged concerns over demand, risk of order cancellations and delivery delays. BNP Paribas Brenda Lee pointed out that even though turnover in 2Q11 was up 3% year-over-year but net profit [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/cosco-corp-suffers-analyst-downgrades/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Management Buyout at BP Shipcare</title>
		<link>http://www.marine-money.com/archive/management-buyout-at-bp-shipcare</link>
		<comments>http://www.marine-money.com/archive/management-buyout-at-bp-shipcare#comments</comments>
		<pubDate>Thu, 07 Apr 2011 09:30:10 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[International Shipcare]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10870</guid>
		<description><![CDATA[As the industry braces itself for overcapacity across all major shipping segments, layup is increasing seen as an efficient way to manage the shipping cycle with savings of up to 80% against operating costs, according to Gavin Kramer, Managing Director at International Shipcare (see accompanying table). In terms of costs, the average cost of layup [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Different Means, Same End</title>
		<link>http://www.marine-money.com/archive/different-means-same-end</link>
		<comments>http://www.marine-money.com/archive/different-means-same-end#comments</comments>
		<pubDate>Fri, 29 Jan 2010 02:40:46 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Kim Eng Securities]]></category>
		<category><![CDATA[Marco Polo Marine]]></category>
		<category><![CDATA[Otto Marine]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8070</guid>
		<description><![CDATA[There are a number of similarities between Marco Polo Marine and Otto Marine. Both are Singapore listed and have their ship chartering and shipbuilding businesses focused on tugboats and barges. Coincidentally, both revealed plans to raise more capital in the past two weeks, but in different ways.

Last Wednesday, Marco Polo Marine announced its disposal of 8 vessels to a related party on a sale-and-leaseback arrangement for SGD 11.9 million (USD 8.48 million). The company explained that this arrangement would serve two purposes. Firstly, this reduces the company’s gearing level and improves cash flow while maintaining the fleet size without the loss of commercial and operational control. Secondly, this circumvents the restriction faced by company in operating Indonesian flagged vessels. The company is not allowed to own Indonesian flagged vessels (since only Indonesians can do so) and the sale-and-leaseback arrangement will enable the company to operate Indonesian flagged vessels freely in Indonesian waters.
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Showing Resilience</title>
		<link>http://www.marine-money.com/archive/showing-resilience</link>
		<comments>http://www.marine-money.com/archive/showing-resilience#comments</comments>
		<pubDate>Fri, 29 Jan 2010 02:38:29 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[Shipping Trust]]></category>
		<category><![CDATA[China Export & Credit Insurance Corporation]]></category>
		<category><![CDATA[CSAV]]></category>
		<category><![CDATA[First Ship Lease]]></category>
		<category><![CDATA[Pacific International Lines]]></category>
		<category><![CDATA[Pacific Shipping Trust]]></category>
		<category><![CDATA[PIL]]></category>
		<category><![CDATA[PST]]></category>
		<category><![CDATA[Rickmers Maritime]]></category>
		<category><![CDATA[Sinosure]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8068</guid>
		<description><![CDATA[Last Thursday, Pacific Shipping Trust (“PST”) released its full year results and as expected, there were no surprises. Key figures – revenue, operating profit and distributable income were largely in line with analyst expectations. Gross revenue in 4Q09 grew 8% to USD 15.6 million from the corresponding quarter in 2008, boosted by contributions from a vessel chartered to Compania Sud Americana de Vapores S.A. (“CSAV”). Net profit for the full year of 2009 increased 49% to USD 27.4 million while distributable income grew correspondingly by 46% to USD 27.1 million. With a fleet of 12 containerships all on long term charters, PST has contracted charter income of USD 300 million over the next 7 years.

For shipping trust investors, credit risk remains a top concern. And unlike the other two shipping trusts, PST has only two charterers – its sponsor Pacific International Lines (“PIL”) and CSAV and both have been facing immediate challenges in the container shipping business. PST has chartered 10 vessels (2 Panamaxes and 8 Handymaxes) to PIL for 6 to 8 years and 2 Panamaxes to CSAV for 5 years. Questions at the results briefing were therefore naturally centered on the financial standings of both companies. 
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Red Alert</title>
		<link>http://www.marine-money.com/archive/red-alert</link>
		<comments>http://www.marine-money.com/archive/red-alert#comments</comments>
		<pubDate>Fri, 18 Dec 2009 02:13:19 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[Goldman Sachs Asia L.L.C]]></category>
		<category><![CDATA[ING Bank]]></category>
		<category><![CDATA[Moody's]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7970</guid>
		<description><![CDATA[Last Monday, Hong Kong listed shipbuilding, tanker operator and oil storage group Titan Petrochemicals Group (“Titan”) has announced the appointment of Goldman Sachs (Asia) and ING Bank (Singapore Branch) to restructure its existing USD 315.4 million bonds due March 2012. This could potentially result in bondholders losing as much as 70% of their investments.

Titan is offering its bondholders USD 199 in principal amount of the new notes it plans to issue, in addition to 3,075 new shares in Titan and USD 12.50 in cash for each USD 1,000 held as the principal amount of the existing notes. Guaranteed on a senior basis, the seven year USD 400 million bonds were previously issued in March 2005 and have an outstanding principal amount of USD 315.4 million.
]]></description>
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		</item>
		<item>
		<title>Setting Sights on Overseas</title>
		<link>http://www.marine-money.com/archive/setting-sights-on-oversea</link>
		<comments>http://www.marine-money.com/archive/setting-sights-on-oversea#comments</comments>
		<pubDate>Fri, 18 Dec 2009 01:25:00 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[Bank of China]]></category>
		<category><![CDATA[BOC]]></category>
		<category><![CDATA[Guangzhou Shipyard]]></category>
		<category><![CDATA[Jiangzhou Union Shipbuilding]]></category>
		<category><![CDATA[Schulte Group]]></category>
		<category><![CDATA[Sinosure]]></category>
		<category><![CDATA[SocGen]]></category>
		<category><![CDATA[Societe Generale]]></category>
		<category><![CDATA[Torm]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7956</guid>
		<description><![CDATA[Danish shipowner Torm has signed a ten year USD 167.3 million loan facility with a syndicate of banks led by Bank of China and Societe Generale. The funds will be used to cover 60% of the cost of six 53,000 dwt MR product tankers, each ordered at USD 46.5 million a piece from Guangzhou Shipyard International. Out of the USD 167.3 million facility, USD 83.7 million will be unsecured loans and the other USD 83.7 million in the form of buyer’s credit. This is also the very first time in a foreign syndicated loan that China Export &#038; Credit Insurance Corporation (“Sinosure”) will underwrite the country risk in relation to the buyer’s credit. Torm will have to fork out the remaining 40% equity.

]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Korea Line on Thin Ice</title>
		<link>http://www.marine-money.com/archive/korea-line-on-thin-ice</link>
		<comments>http://www.marine-money.com/archive/korea-line-on-thin-ice#comments</comments>
		<pubDate>Thu, 26 Feb 2009 10:28:20 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company News]]></category>
		<category><![CDATA[Cargill]]></category>
		<category><![CDATA[Hellenic Carriers]]></category>
		<category><![CDATA[Korea Line]]></category>
		<category><![CDATA[Lavadara Special Maritime Enterprises]]></category>
		<category><![CDATA[Sea Powerful II Special Maritime Enterprises]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8930</guid>
		<description><![CDATA[Troubled Korea Line has successfully renegotiated its existing time charter agreement for a 50,326 dwt Supramax with Hellenic Carriers at a reduced time charter rate of USD 35,000 per day. The new rate is close to 38% lower than the previous charter rate. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Feeling the Love?</title>
		<link>http://www.marine-money.com/archive/feeling-the-love</link>
		<comments>http://www.marine-money.com/archive/feeling-the-love#comments</comments>
		<pubDate>Thu, 26 Jun 2008 11:28:07 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Company News]]></category>
		<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Gerry Wang]]></category>
		<category><![CDATA[Sai Chu]]></category>
		<category><![CDATA[Seaspan Corporation]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=3486</guid>
		<description><![CDATA[Last week, Seaspan Corporation (“Seaspan”) held its Second Investor and Analyst Luncheon at New York’s Palace Hotel and just looking at numbers of guests one can term it a huge success. It appeared to us that not only had the numbers doubled but, in addi­tion, the hotel staff had to roll in additional tables as unplanned for guests arrived in the midst of the presentation.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Company News – 03/15/2007</title>
		<link>http://www.marine-money.com/archive/company-news-%e2%80%93-03152007</link>
		<comments>http://www.marine-money.com/archive/company-news-%e2%80%93-03152007#comments</comments>
		<pubDate>Thu, 15 Mar 2007 07:01:05 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Company News]]></category>
		<category><![CDATA[Freshly Minted]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=1380</guid>
		<description><![CDATA[FR8 to NAVIG8

FR8 was established in 2003 as a joint venture with Projector Ltd, a prominent oil trader, who provided a core volume of cargos and access to attractive time charter opportunities. FR8 is not your father's shipping company. With its owned fleet, time chartered fleet and management companies, it resembles a normal shipping company except for the fact that its brain is wired and its perspective is that of a trader. In short, this is the world of seeking arbitrage opportunities, while managing risk and not just looking at "last done."

The company controls a fleet of approximately 30 product tankers via a combination of time charters, joint ventures, ownership and commercial agreements. Of the controlled fleet, the company together with its joint venture partners own two LR product tankers and eleven MR tankers (including the orderbook) and have purchase options on three more vessels. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Jefferies Buys M&amp;A Firm, Beefs up Shipping Team, Moves to New York</title>
		<link>http://www.marine-money.com/archive/jefferies-buys-ma-firm-beefs-up-shipping-team-moves-to-new-york</link>
		<comments>http://www.marine-money.com/archive/jefferies-buys-ma-firm-beefs-up-shipping-team-moves-to-new-york#comments</comments>
		<pubDate>Thu, 03 Feb 2005 19:05:17 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Company News]]></category>
		<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[People & Places]]></category>
		<category><![CDATA[Jefferies & Company]]></category>
		<category><![CDATA[John Sinders]]></category>
		<category><![CDATA[Nick Stillman]]></category>
		<category><![CDATA[Norton Rose]]></category>
		<category><![CDATA[Randall & Dewey]]></category>
		<category><![CDATA[Stefanie Kasselakis]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=6889</guid>
		<description><![CDATA[It’s busy times for the team at Jefferies &#038; Company, the oil patch investment bank that now has a dominant role in the global shipping business. The firm announced this week that it has acquired energy M&#038;A specialist Randall &#038; Dewey. The move will beef up Jefferies’ energy M&#038;A practice by adding 100 professionals in London, Calgary and Houston. Jefferies has decided to keep the Randall &#038; Dewey brand in place by putting its professionals into the newly ]]></description>
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