Unfortunately, Scandlines failed in its attempt to challenge the state funding for the rail and road tunnel connecting Denmark and Germany. The second-highest court in Europe sided with EU competition regulators who had endorsed the financial assistance. “According to the General Court, the...
state aid
Finland injects €80 mln in Meyer Turku to overcome hurdles caused by Russia’s war in Ukraine
Finland’s largest shipbuilder Meyer Turku is getting an €80 million ($85 million) financial lifeline from […]
The post Finland injects €80 mln in Meyer Turku to overcome hurdles caused by Russia’s war in Ukraine appeared first on Offshore Energy.
CLdN calls for retraction of ‘misguided’ and ‘unnecessary’ state ferry subsidy
UK-Europe ro-ro operator CLdN today defended its decision to launch a judicial review into the British government’s £35m aid package to the ferry industry.
Appearing in front of the all-party Parliamentary Transport Select Committee via video link today, CLdN director Benjamin Dove-Seymour said the aid package awarded to six ferry operators across 16 routes between the UK and Europe and Northern Ireland, designated as “Public Service Obligation Routes”, was “misguided”.
Calling it …
The post CLdN...
https://theloadstar.com/cldn-calls-for-retraction-of-misguided-and-unnecessary-state-ferry-subsidy/
Hapag-Lloyd won’t need state aid to survive COVID-19 crisis
German container shipping major Hapag-Lloyd intends to navigate through the coronavirus crisis without seeking state aid. The post Hapag-Lloyd won’t need state aid to survive COVID-19 crisis…
https://www.offshore-energy.biz/hapag-lloyd-wont-need-state-aid-to-survive-covid-19-crisis/
Grimaldi Formally Opposed State Aid To Ferry Companies In Italy And Finland
Emanuele Grimaldi, CEO of Grimaldi Group, exclusively announced to Ferry Shipping News that his company has formally opposed the financial measures decided in Italy and in Finland to support some ferry competitors. “We have formally contested, both on the local market and in Europe, those measures...
Taiwan’s Yang Ming and Evergreen in line for a $540m state bailout
Yang Ming is to receive TW$8bn ($270m) in financial assistance from the Taiwan government.
The low-interest loan will be part of a fresh TW$16.5bn bailout package for Taiwan’s container sector.
It is understood that liner compatriot Evergreen will receive a similar amount, to provide liquidity and help the carrier survive the impact of Covid-19.
Lin Chia-lung, head of Taiwan’s Ministry of Transportation and Communications, told the Taipei Times the island depended “heavily on the development …
Th...
https://theloadstar.com/taiwans-yang-ming-and-evergreen-in-line-for-a-540m-state-bailout/
Analysis: Jansen & Skou in ideological battle but Saadé laughs first
The most entertaining side, if there is one at all these days, of this rather dramatic Covid-19 pandemic era?
Well, the container shipping masterminds are on a roll, often disagreeing: on corporate strategy (vertical integration, or the lack thereof); funding requirements (not enough cash is kicking around; or whether too much is up for grabs, if you are based in the East); and, of course, state aid in what is clearly …
The post Analysis: Jansen & Skou in ideological battle but Saadé laughs first
https://theloadstar.com/analysis-jansen-skou-in-ideological-battle-but-saade-laughs-first/
Wan Hai stays in the black, but Evergreen and Yang Ming’s red ink raises merger talk
Niche carrier Wan Hai was the only Taiwanese container line to post a net profit in the first quarter of this year as its larger compatriots, Evergreen and Yang Ming, traded in the red.
The parlous position of the liner industry has renewed speculation of a merger of these two into one state-sponsored container line, a development that would be strongly resisted by their individual managements.
Following a $27m loss recorded by …
The post Wan Hai stays in the black, but Evergreen and Yang Ming’s...
More state bailouts spark claims of ‘unfair competition’ among container lines
With Europe’s CMA CGM becoming the latest major container line to tap state aid, there are growing concerns that carriers will not compete on a level playing field post-coronavirus crisis.
The Loadstar reported yesterday on a €1.05bn loan secured by CMA CGM from a consortium of banks, 70% guaranteed by the state, and which can be extended by up to five years.
This followed South Korea’s $1bn bailout of its shipping sector, …
The post More state bailouts spark claims of ‘unfair competition’ among...
CMA CGM secures €1.05bn state-backed loan
CMA CGM has secured a €1.05bn loan from BNP Paribas, HSBC and Société Générale, backed by the French government.
The new debt comes under France’s state-guaranteed loan scheme, established at the end of March in response to the Covid-19 pandemic.
The state has guaranteed 70% of the loan, which has an initial one-year maturity and an extension option for up to five years.
The company said the new funding was obtained to “further …
The post CMA CGM secures €1.05bn state-backed loan appeared first...
https://theloadstar.com/cma-cgm-secures-e1-05bn-state-backed-loan/