Gulf Marine Services Strikes New Debt Deal with Banks
Gulf Marine Services, a UAE-based provider of self-propelled, self-elevating support vessels serving the offshore oil, gas, and renewables industries, has struck a deal with banks to reduce the interest rate on its loan."Under the revised agreement the rate of interest payable by the Company on its borrowings will decrease from LIBOR +5% to LIBOR +3%, retrospectively from the beginning of this year.
Baltic Index Sees Best Quarter in Three on Gains for Larger Vessels
The Baltic Exchange's main sea freight index posted its biggest quarterly rise since June 2020 on Friday, propelled by strong gains for larger vessels, with the panamax segment marking its best quarter in over six years on robust U.S.
Coatings Giant Hempel Buys Wattyl Australia and New Zealand
Coatings manufacturer Hempel has completed the acquisition of Wattyl Australia and New Zealand, increasing its footprint in Australia and New Zealand.On 18 February 2021, Hempel A/S signed an agreement to acquire leading paint and coatings manufacturer Wattyl Australia and New Zealand from The Sherwin-Williams Company, the world’s largest paint and coatings company and headquartered in the United States.Hempel…
Merkel Ally Calls for Moratorium on Nord Stream 2 Construction
Germany's coordinator for transatlantic relations called on Wednesday for a moratorium on the construction of the Nord Stream 2 natural gas pipeline from Russia to Europe, breaking ranks with many in Chancellor Angela Merkel's government.The United States is opposed to the project, saying it increases Europe's reliance on Russian energy and U.S. President Joe Biden is dangling the threat of sanctions."The project is a serious obstacle for a new start in transatlantic relations…
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