Finance News

Armada Technologies announced the close of its seed funding round, raising a total of $3.2 million, including contributions from both strategic partners and traditional financial investors to advance eco-friendly maritime solutions.Cool Company Management Ltd. (CoolCo) a strategic partner within the liquefied natural gas (LNG) space, is to part-fund Armada equipment that will be installed on its vessels with this seed round. Ecochlor, Inc. continues to provide investment and technical support to the company as its growth partner.

Norwegian Cruise Line Holdings on Monday raised its full-year profit forecast for a second time in less than three weeks, betting on record demand for cruise vacations and higher ticket prices, sending its shares up as much as 7.7%.More travelers are choosing sea-based vacations that offer a range of fun activities under one roof, compared to expensive land-based holidays, benefiting cruise operators and giving them room to raise prices.Expectations have also been high for the Miami-based Norwegian after strong booking trends drove up results and shares last year, and rival Royal Caribbean Gro

German container firm Hapag-Lloyd on Wednesday raised the lower end of its 2024 outlook amid rising demand and freight rates, but posted an 84% drop in first-quarter net profit.Commercial shipping has faced global disruptions, including in the Red Sea region, where operators are avoiding the Suez Canal because of attacks on vessels by Yemen-based Houthi militants.The crisis has raised freight rates because alternative trips around Africa's southern tip are longer and expensive."Global container volumes were up quite significantly especially in January and February…

HD Hyundai Marine shares closed up 97% versus their initial public offering (IPO) price in the company's trading debut on Wednesday, after a 742 billion won ($538 million) IPO, South Korea's largest in two years.The successful listing of the ship maintenance and repair firm, backed by U.S. private equity giant KKR, paves the way for other potential offerings to come to market. Sizeable South Korean IPOs had dried up during much of 2023 on uncertain market conditions.HD Hyundai Marine Solution shares opened at 119…

Huntington Ingalls Industries (HII) reported a better-than-expected quarterly earnings on Thursday, on the back of demand for aircraft carriers, amphibious assault ships and submarines amid high geopolitical tension.Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions, benefiting shipbuilding giants such as Huntington Ingalls.Huntington is the only major pure-play defense company that has outperformed S&P 500 index…

Shipping group Maersk raised its full-year profit guidance after reporting first-quarter earnings on Thursday, citing strong demand and higher freight rates as ships sail for longer to avoid conflict in the Red Sea.The company, viewed as a barometer of world trade, said that shipping disruptions caused by Houthi militants' attacks on vessels in the Red Sea were expected to last at least until the end of the year, adding that growth in demand for container shipping had been stronger than forecast."The container volumes we see today are quite high compared to GDP growth in the world economy…

Shares of Norwegian Cruise Line Holdings fell more than 12% after the operator's downbeat first-quarter revenue overshadowed a raise in annual profit forecast on Wednesday.Expectations for cruise operators have generally become high after strong booking trends and demand drove up their results and shares last year.Shares of Norwegian and its rival Carnival have seen their growth temper from those highs, in part due to concerns around cost pressures and their brands' exposure to the Middle East conflict.Meanwhile…

Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.Founded in 1997, Viking provides destination-focused itineraries including a shore excursion at every port and an onboard and onshore program through performances of music and art, cooking demonstrations, port talks and guest lect

Royal Caribbean Group raised its annual profit forecast for a second time and beat expectations for first-quarter profit and revenue on Thursday, with half of its growth coming from higher ticket pricing.Soaring demand for vacations at sea has given cruise operators ample room to raise ticket prices as the industry looks to close the pricing gap with land-based vacations and give their profits a lift."What transpired over the past three months was even better than our already elevated expectations," Royal Caribbean Group CEO Jason Liberty said.

Saudi Arabia’s Ras Al-Khair Special Economic Zone (SEZ) said it is seeking local and foreign investors to help boost the Kingdom’s maritime infrastructure.With an initial area of 20 square kilometers, Ras Al-Khair SEZ, operated by the Royal Commission for Jubail and Yanbu, is an expanding zone with two focus areas, The King Salman International Complex for Maritime Industries and Services, and the Offshore Cluster supply chain. The SEZ is located next to Ras Al-Khair Port, the Kingdom’s newest industrial port.Ahmed M.

Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners…

Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million).Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds.The total bill had included around 31 million pounds in interest, accruing at 505,000 pounds per day. Restis' lawyers…

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

The U.S. Department of Transportation's Maritime Administration (MARAD) in December issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. While the move applies to the U.S. maritime industry as a whole, it is seen as especially helpful for players looking to serve the U.S. offshore wind sector.Designed to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards, Title XI provides for a full faith and credit guarantee by the U.S. government. The program essentially aims to encourage U.S.

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

Royal Caribbean Group projected 2024 profit above Wall Street expectations after robust demand for cruise vacations and steeper ticket prices helped it beat fourth-quarter earnings estimates on Thursday.With travelers opting for cruises instead of more expensive land-based vacation options, operators are experiencing record levels of bookings compared to pre-pandemic levels, giving them enough room to mark up ticket prices."2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests…

Carnival said on Tuesday that its annual earnings would take a hit as the cruise operator reroutes its ships that were due to pass through the Red Sea, a key transit route linking Asia and Europe.A growing list of companies have rerouted vessels as the Houthis, a Yemeni militant group, steps up attacks on Israeli ships or ships heading towards Israel, in solidarity with the Palestinians.The rerouting by Carnival is expected to have an impact of 7 cents to 8 cents on its adjusted earnings per share for full-year 2024, with the majority of the impact coming in the second quarter.

Seattle-headquartered Saltchuk Holdings has renewed its bid to take over Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—OSG’s largest shareholder—had previously offered to acquire OSG in June 2021 but suspended those discussions several months later, citing pandemic-related market uncertainties.OSG, which operates U.S.-flag tankers and articulated tug barges (ATB), on Monday confirmed its board of directors…

Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises.

Great Lakes Dredge & Dock Corporation announced its MARAD Title XI Financing application for its offshore wind rock installation vessel, the Acadia, has been updated to the "completed" category, indicating the loan process is moving towards the final phase.Lasse Petterson, Great Lakes president and CEO, said, “We have fostered a strong relationship with MARAD and are pleased to have reached this significant milestone in the application process. We continue to make great strides in our strategy to be a leading contributor in the evolving U.S.

Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.The agreement is a €161 million green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years. The facility corresponds to a leverage ratio of 60% of the total ready…

Mitsui O.S.K. Lines, Ltd. has decided to issue “blue bonds” through a public offering in Japan’s domestic market in January 2024, reportedly the world’s first blue bonds in the shipping industry, which refer to the guidance provided by the International Capital Markets Association (ICMA) and other organizations.The Blue Bond Framework developed for the issuance of the bonds will ensure that all uses of the bonds’ proceeds will contribute to a sustainable blue economy, and the bonds received the highest rating of “Blue1(F)” from the Japan Credit Rating Agency, Ltd.

Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firms that listed recently.Hornbeck intends to list its shares on the New York Stock…