Finance News

PSA Singapore (PSA) and Evergreen Marine Corporation (EMC) have established a joint venture in Singapore, aiming to enhance operational excellence and achieve greater synergies in container operations.The joint venture terminal is expected to commence operations by the end of 2024. This strategic partnership will offer long-term terminal capacity assurance to EMC’s fast expanding global vessel fleet in PSA Singapore.PSA and EMC will continue to deepen their collaboration to enhance operational efficiency, drive digital innovation, and advance sustainability efforts.

Federal funds to upgrade aging docks to accommodate ultra-large vessels and expand economic benefits to region.The Port of Oakland was awarded approximately $50 million from the U.S. Department of Transportation Maritime Administration (MARAD) to modernize wharves and terminal infrastructure at the Outer Harbor. The Port’s Outer Harbor will be upgraded to accommodate Ultra Large Container Vessels, which are now a regular part of the shipping fleet calling on West Coast ports.

Italian shipbuilder Fincantieri on Thursday raised its full-year forecast on revenue to "above" 8 billion euros ($8.43 billion), from "about" previously indicated, boosted by all business segments.The Trieste-based vessel maker reported a nine-month core profit (EBITDA) a 19% rise to 328 million euros, while its January to September revenue stood at 5.58 billion euros, up 3.7% yearly.Fincantieri's nine-month order intake totalled 8.5 billion euros, more than double the orders acquired in the same period last year.($1 = 0.9489 euros)(Reuters - Reporting by Romolo Tosiani; Editing by David Evans

The French government has selected winning proposals for a hydrogen import terminal, a renewable fuels facility and a lithium production factory to be built at the state-run port of Le Havre as part of an effort to attract industrial investment, the finance ministry said on Thursday.The land around the port was labelled a turnkey investment site under the 30 billion euro "France 2030" plan, allowing Haropa Port — the public entity that manages the ports of Rouen, Le Havre and Paris — to launch a tender for green projects.The three winners will benefit from accelerated approval procedures…

Belgian oil tanker company CMB.TECH posted third-quarter profit above market expectations on Thursday, powered by a long-term strategy of decarbonization and diversification of its fleet."From a supply-side perspective, the outlook for the tanker fleet remains generally favorable for Very Large Crude Carriers (VLCCs)," the group said in a statement.It cautioned about the Suezmax segment, where the order book has grown significantly, with an orderbook-to-fleet (OB/F) ratio of 16.3%, more than double that of VLCCs.The group, formed after last year's Euronav-Compagnie Maritime Belge takeover, ack

Royal Caribbean lifted its annual profit forecast on Tuesday for the fourth time this year, driven by strong demand at higher prices for its voyages to private destinations, as well as its European and Alaskan vacations.Cruise operators have signaled that revenge travel - which boosted bookings following the pandemic lockdowns - has now been replaced by a growing shift among travelers to seek sea-based vacations.The company's shares rose about 1.3% in choppy morning trade, set to add to the 57% gain this year through Monday close.Royal Caribbean said demand for 2025 was strong…

Danish shipping group A.P. Moller-Maersk said on Monday it had raised its full-year forecasts on the back of strong third quarter results, robust demand and the continuing disruption to shipping in the Red Sea.Maersk said it had revised its outlook for global container market volume growth in 2024 to around 6% from a range of between 4% to 6% seen previously.Maersk reported preliminary underlying earnings before interest, tax, depreciation and amortization (EBITDA) of $4.8 billion for the third quarter.

Bahri, the National Shipping Company of Saudi Arabia signed a Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program.Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth $756 million to partially finance the purchase of nine Very large Crude Carriers (VLCCs).

Shares in shipping companies fell heavily in Europe and Asia on Friday after workers and U.S. port operators agreed a deal to end a strike on the East and Gulf coast docks far sooner than expected.In early trading in Europe, shipping group A.P.

Carnival Corp raised its annual profit forecast for the third time on Monday and beat market expectations for third-quarter results, helped by strength in demand for cruise vacations as well as easing costs of operations.Cruise operators benefit from increased demand for vacations at sea during the summer, boosting an already robust year for the companies as more travelers opt for the cruise experience."Strong demand enabled us to increase our full-year yield guidance for the third time this year…

HavocAI Inc., a Providence, R.I. based developer of autonomous uncrewed surface vessel (USV) technology, announced it has closed an $11 million Seed round of funding.The round was led by Scout Ventures, co-led by Trousdale Ventures, and saw additional participation from Outlander VC, The Veteran Fund, BV.VC, Decisive Point, Alumni Ventures, and New North Ventures.HavocAI develops low-cost USVs and software intended to allow a single operator to command and control thousands of…

Harland & Wolff said on Monday it plans to appoint administrators in the coming days as the company known for building the Titanic struggles with a debt crisis.The Belfast-based shipbuilder, which survived closure once in 2019, said it would cut jobs in its non-core and certain central support areas, without specifying the number of roles affected.It will also either dispose of or wind down its non-core assets.Harland & Wolff's non-core operations include its Marine Services business, the Scilly Ferries business, and its U.S.

Early 2024 saw a group of financial deals that have implications, in a broad sense, for how offshore wind projects may be financed. While offshore wind projects might be thought of as being in the ‘utility finance’ basket, they are ultimately high-risk deals that might better suit the portfolios of ‘infrastructure investment’ which, in recent years, has taken a shift towards tolerating more uncertainty when it comes to cash flows.A 2022 article from consultants McKinsey, titled “Infrastructure investing will never be the same”…

Shipping group Maersk raised its full-year earnings and market demand forecasts on Thursday, partly due to disruptions to Red Sea trading routes, but also said prospects for the fourth quarter were uncertain.The Danish group, seen as a barometer of world trade, said it now expected global container market volumes to increase 4-6% this year, up from its previous forecast of growth at the upper end of a 2.5-4% range.It added, however, that there was a lack of clarity around supply and demand in the fourth quarter of the year.Maersk's share price initially rose on the news…

Huntington Ingalls Industries on Thursday reported better-than-expected second-quarter results, as heightened global tensions drove up demand for aircraft carriers, amphibious assault ships and submarines.The Virginia-based company reported a profit of $4.38 per share for the quarter ended June 30, ahead of analysts' estimates of $3.62. Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions.Huntington Ingalls, the largest U.S.

Norwegian Cruise Line Holdings on Wednesday raised its annual profit forecast for a third time this year, riding on sustained demand for luxury voyages and higher ticket prices.With people continuing to splurge on experiences and services over discretionary goods, operators have seen record booking rates for affordable cruise vacations, giving them enough opportunity to increase ticket prices."We are witnessing robust demand with strong pricing and booking volumes leading to record-breaking advanced ticket sales…

Italian shipbuilder Fincantieri reported a 16% jump in first-half earnings to 214 million euros ($231.31 million) and a six-fold increase in its order book to 7.6 billion euros, mainly driven by the cruise and defense sectors.Revenues remained stable at 3.68 billion euros, as shipbuilding revenue, amounting to 69% of the total, decreased due to changes made to the production schedule for some ships.($1 = 0.9252 euros)(Reuters - Reporting by Philippe Leroy, Editing by Louise Heavens)

Hornblower Group has emerged from Chapter 11 bankruptcy under new ownership following the completion of its court-approved financial restructuring plan, the marine transportation and experiences company announced on Friday.Under the plan approved by the U.S. Bankruptcy Court for the Southern District of Texas, majority ownership of San Francisco-based Hornblower has transitioned to funds managed by investment firm Strategic Value Partners (SVP), while private equity firm Crestview…

Russia's leading tanker group Sovcomflot said western sanctions and changing market conditions may cut its revenues this year, a rare admission from a major Russian business of the damage western restrictions against Moscow are having.The U.S. imposed sanctions on Sovcomflot, which was previously one of the world's leading tanker operators, in February, in an attempt to reduce Russia's revenues from oil sales that it can use to support its military actions in Ukraine."The main reasons are that the company is under relentless sanctions pressure…

Hornblower Group on Friday announced its financial restructuring plan has gained court approval, clearing way for the marine transportation and experiences company to emerge from Chapter 11 bankruptcy in the coming weeks.Under the plan approved by the U.S. Bankruptcy Court for the Southern District of Texas, majority ownership of San Francisco-based Hornblower will transition to funds managed by investment firm Strategic Value Partners (SVP), while private equity firm Crestview…

The prices for newbuild vessels have risen to their highest level in 16 years, according to latest figures from shipping association BIMCO.“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2020 they are up 53%. During the same period, the order book has grown by 72%, reaching its highest level since early 2012 and is up 2% year-to-date,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Shipyards’ global order book currently stands at 133m compensated gross tonnage (CGT)…

Carnival Corp raised its annual profit forecast on Tuesday for the second time this year, banking on higher prices for its itineraries and sustained demand for cruise holidays to destinations such as the Caribbean and Alaska.The company's U.S.-listed shares, which have fallen more than 11% this year, rose 4.3% to $17.05 in premarket trading.2024 has been a record year for cruise operators, with booking volumes hitting an all-time high as travelers continue to seek out newer experiences and fun activities at affordable rates…

The German government is considering support for Meyer Werft, one of the world's biggest cruise ship builders, an economy ministry spokesperson said on Wednesday, as the cash-strapped company mapped out hundreds of planned job cuts to stem costs.The government is considering federal assistance for Meyer Werft together with the state of Lower Saxony, home of the shipyard in Papenburg where the over 200-year-old company is based.Meyer Werft needs to raise around 2.7 billion euros ($2.91 billion) in the coming years, according to restructuring chief Ralf Schmitz.