Lindblad Expeditions raises cash

Lindblad Expeditions Holdings has entered into an agreement with a group of investors for the private placement of $85 mill of convertible preferred stock. The investors include MSD Partners, Durable Capital, Headlands Capital, Deep Field Asset Management and Declaration Capital, "Since the global COVID-19 pandemic [Read more...]

2020-09-12T07:57:29+00:00 September 12th, 2020|Finance|

Genting initiates cost cutting measures

Following an announcement that it was suspending certain payments to creditors, Genting Hong Kong has announced an EBITDA loss of $204.1 mill for the first half of this year, compared to a positive EBITDA of $76.9 mill in 1H19. After depreciation and amortisation, the operating [Read more...]

2020-09-12T07:50:06+00:00 September 12th, 2020|Finance|

Tallink in swingeing cutbacks

At the beginning of September, Tallink Grupp informed its staff that it was to make further redundancies in the different group subsidiaries. It said it had has notified the Estonian Unemployment Insurance Fund and the Estonian Independent Maritime Workers Union and will hold respective consultations [Read more...]

2020-09-12T07:31:59+00:00 September 12th, 2020|Finance|

Royal Caribbean borrows more money

Royal Caribbean Group has secured a binding commitment from Morgan Stanley for a $700 mill term loan facility. The company said it may draw on the facility at any time prior to 12th August, 2021. Once drawn, the loan will bear interest at LIBOR + [Read more...]

2020-08-29T07:47:39+00:00 August 29th, 2020|Finance|

Viking to rationalise operations

Viking Line is to start negotiations with land-based staff in Finland, Sweden, Estonia and Åland in a bid to reorganise their functions. This initiative is aimed at cutting costs, improve operational efficiency and safeguard the company’s future competitiveness and financial position. On 24th August, notification [Read more...]

2020-08-29T07:26:13+00:00 August 29th, 2020|Finance|

Fincantieri in the red

Italian shipbuilding and engineering firm Fincantieri suffered a net loss of €137 mill on revenues of €2.4 bill for the the first half of this year. This compares to net income of €47 mill on revenues of €2.8 bill for 1H19. The loss was attributed [Read more...]

2020-08-14T14:19:47+00:00 August 14th, 2020|Finance|

Flensburger sees a future

Several businesses attached to Tennor Holding are taking on 350 employees from the insolvent Gemran shipbuilder, Flensburger Schiffbau-Gesellschaft (FSG). These include all 31 trainees and nine students, in a combined work-study programme, as well as shipyard business assets, in  a transferred re-organisation in line with [Read more...]

2020-08-14T13:54:04+00:00 August 14th, 2020|Finance|