Shipping market recovery from pandemic’s impact will be difficult but may have rate spike ‘windows’ as trade demand swings
Finance
Banks take big haircut as Siem Offshore clears Canadian debt
Subsidiary Secunda Canada pays 61% of outstanding amount to edge group closer to payment standstill
HFW and KPMG team up to offer legal help for owners hit by lockdowns
Existing partner Augusta Ventures also involved in supporting litigation and arbitration as crisis drags on
Love’s acquisitions expand its factoring business
Love’s factoring business just got much larger, and the paychecks for some of its workers this month will be bigger too.
The company known mostly for its travel centers also has a factoring business, and it announced the first two acquisitions in its history on Wednesday, July 1. Love’s Financial, as the factoring arm is known, acquired Vero Business Capital of Memphis and Foley Business Capital of Omaha.
Vero acquired Foley less than a year ago. Southworth Capital Management, also in Memphis...
https://s29755.pcdn.co/news/loves-acquisition-expand-its-factoring-business
Polaris sells VLOC quintet to H-Line in liquidity move
Shipowner aims to boost finances after casualties and a delayed public listing
Second quarter VLCC rates hit highest level for 12 years
Three-month average comes in at $84,000 per day, but there is little hope of a repeat
Trying to make sense of the YRC bailout
The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused...
https://s29755.pcdn.co/news/trying-to-make-sense-of-the-yrc-bailout
Stolt-Nielsen takes more period cover as third quarter ‘challenges’ loom
Norwegian chemical tanker owner remains profitable despite pandemic, but sees tougher times ahead
Inbound package rates rise; market braces for sticker shock
The Universal Postal Union (UPU) regulations increased inbound package rates within the U.S. as of today, July 1. As agreed to by the UPU and the U.S. in October 2019, the deal will ensure that the country remains a part of the UPU. The changes were put in place after the U.S., the largest importer in the world, threatened to leave the UPU, citing mandated cheaper parcel rates granted to countries with a “developing” status tag – including China.
The UPU was forced to come to the table for...
https://s29755.pcdn.co/news/inbound-package-rates-rise-market-braces-for-sticker-shock
Carnival makes error on $2bn in convertible notes
Holders can now turn them into stock in the third quarter, regardless of performance
https://www.tradewindsnews.com/finance/carnival-makes-error-on-2bn-in-convertible-notes/2-1-836415