New shipbuilding risk cover launched at Lloyd’s
Splash » Finance And Insurance
by Sam Chambers
2d ago
A new shipbuilding risk cover has been launched at Lloyd’s of London.  The Builders’ Risk Consortium has been formed by Apollo in partnership with Munich Re and Tokio Marine HCC International.  The new consortium offers brokers lead line capacity up to $75m on each vessel. “The need for lead capacity in London comes as the ..read more
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Victor Restis wins ruling in UK debt court battle with Newcastle United co-owner 
Splash » Finance And Insurance
by Adis Ajdin
2d ago
Greek shipowner Victor Restis has triumphed over Newcastle United co-owner Amanda Staveley in a London High Court dispute involving a historic debt of £3.4m ($4.3m). The UK sports financier’s attempt to set aside a bankruptcy petition filed by Restis last year over allegations that she didn’t pay back a multimillion-pound debt was dismissed by the ..read more
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Adani buys majority stake in Gopalpur Port
Splash » Finance And Insurance
by Bojan Lepic
2d ago
India’s Adani Ports and Special Economic Zone (APSEZ) has entered into a definitive agreement to purchase a 95% stake in Gopalpur Port Limited. The stake will be bought from two companies – a 56% stake was bought from the SP Group while 39% was bought from Orissa Stevedores. The acquisition is made at an enterprise ..read more
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Cyan Renewables makes takeover offer for MMA Offshore
Splash » Finance And Insurance
by Bojan Lepic
2d ago
Singapore-based offshore wind vessel pure-play Cyan Renewables has made an offer to buy 100% of shares in Perth-based OSV operator MMA Offshore. Cyan, a subsidiary of Cyan Renewables, offered to buy stakes in the Australian company for AUD 2.60 ($1.7) per share. The takeover scheme values MMA’s equity at approximately AUD 1.03bn ($671.4m), on a ..read more
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Castor Maritime moves for reverse stock split to keep Nasdaq listing
Splash » Finance And Insurance
by Adis Ajdin
4d ago
Cyprus-based bulker and boxship owner Castor Maritime has decided to carry out a one-for-ten reverse stock split on Nasdaq to meet the minimum bid price requirement set by the exchange. The Petros Panagiotidis-led company said its shares would begin trading on a split-adjusted basis on March 27, 2024, without any change to shareholders’s ownership percentage ..read more
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J. Lauritzen takes stake in Dee4 Capital
Splash » Finance And Insurance
by Adis Ajdin
1w ago
Danish maritime investment company J. Lauritzen has picked up a minority stake in fellow private equity firm Dee4 Capital Partners. The Kristian Mørch-led company has taken a 10.1% ownership in the Carsten Mortensen-led outfit, following the first closing of its second fund Dee4 Capital Fund II with commitments of $92m. A total of 18 external investors ..read more
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CMB on home straight with Euronav stake now above 88%
Splash » Finance And Insurance
by Bojan Lepic
1w ago
Following the closing of the Euronav takeover bid, the Saverys family-controlled Compagnie Maritime Belge (CMB) effectively controls 88.61% of the Belgian tanker giant. The acceptance period of the mandatory public takeover bid for all Euronav shares not already owned by CMB or its affiliates expired on March 15, 2024. During the acceptance period, over 69.2m ..read more
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StormGeo takes full ownership of Brazilian meteorological service firm
Splash » Finance And Insurance
by Bojan Lepic
1w ago
Norwegian weather intelligence specialist StormGeo has taken over the remaining stake of Brazil-based weather forecast specialist Climatempo. StormGeo, a part of Alfa Laval, first took the initial 51% stake in Climatempo back in 2019. In 2023, the Bergen-based firm bought a further 38.66%, increasing its ownership to 89.66%. This latest transaction makes StormGeo the full ..read more
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US court rules in favour of CMB’s takeover of Euronav
Splash » Finance And Insurance
by Bojan Lepic
2w ago
The Saverys family-controlled Compagnie Maritime Belge (CMB) has cleared the first obstacle for the takeover of Euronav set by US investor FourWorld Capital Management. In late February, funds managed by FourWorld filed a complaint in a US District Court regarding CMB’s offer to purchase all outstanding ordinary shares of Euronav from US holders. The complaint ..read more
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Jones Act leasing business launched by Libra subsidiary
Splash » Finance And Insurance
by Sam Chambers
2w ago
Seapath, part of Libra Group, has launched a Jones Act leasing business with $25m of initial transactions already concluded.  Seapath’s leasing portfolio includes an order of six Jones Act-compliant barges, which are currently under construction. It also has a platform supply vessel (PSV) under bareboat charter to ThayerMahan.  Joshua Lubarsky, president of Seapath, said the ..read more
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