MV Werften receives German Government bailout

German shipbuilding group, MV Werften, has received a €193 mill bail-out package from the Federal Government. This will allow the yard to complete the ‘Crystal Endeavor’ and keep the shipyard operational until March net year. Parent company Genting Hong Kong (GHK), has invested about €2 [Read more...]

2020-10-12T18:31:15+00:00 October 12th, 2020|Finance|

Carnival Corp issues business update

In an update, Carnival Corp resumed limited guest operations last month with two Costa Cruises ships - ‘Costa Deliziosa’ and ’Costa Diadema’. The company said in a business update that it will continue the limited resumption of its cruise operations with sailings on other Costa [Read more...]

2020-10-12T17:23:40+00:00 October 12th, 2020|Finance|

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|