Finance News

TKMS, the defence business that German conglomerate Thyssenkrupp aims to spin off this autumn, plans to raise its profit margin to more than 7% to close a gap with rivals, banking on soaring military demand amid fears of Russian aggression.TKMS, which makes submarines, frigates as well as sensor and mine-hunting technology, has more than tripled its order backlog in five years. It now stands at 18.6 billion euros ($21.8 billion) as governments around the world beef up warship fleets.In the medium term…

Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes are high for the Danish state-controlled firm, which was once celebrated as a trailblazer in offshore wind but is now struggling to stave off a potentially crippling credit rating downgrade.Orsted, previously an oil producer under the name DONG Energy…

Watson Farley & Williams (WFW) advised a consortium of lenders on an ECA-backed JOLCO financing for Ocean Network Express Pte. Ltd. (ONE) to finance four newbuild container vessels. The consortium comprised BNP PARIBAS (acting through its Tokyo Branch and as ECA Coordinator), The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch and Citibank, N.A., Tokyo Branch (as mandated lead arrangers) as well as Japanese export credit agencies Japan Bank for International Cooperation…

Fincantieri reported a sharp rise in first-half 2025 results, with growth across all segments and a record order backlog that solidifies its position as one of the world’s leading shipbuilders.Revenues reached €4.58 billion, up 24% from the same period in 2024, while EBITDA surged 45% to €311 million, lifting the margin to 6.8%. The company swung to a net profit of €35 million, compared to a loss of €27 million in the first half of 2024.New orders totaled €14.7 billion, nearly doubling last year’s intake…

Okeanis Eco Tankers (NYSE: ECO / OSE: OET) has secured a new $65 million term loan facility to finance the repurchase of its VLCC Nissos Kea under a previously announced sale-and-leaseback option. The new financing, led by E.SUN Commercial Bank, extends OET’s strategy of strengthening its capital structure and diversifying its financing sources.The seven-year secured loan carries an interest rate of Term SOFR plus 135 basis points and will be repaid through quarterly installments of $0.9 million, with a $39.8 million balloon payment due at maturity.

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a third consecutive session on Thursday, hurt by weaker rates in the capesize segment.* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 13 points, or 0.8%, to 1,621 points.* The capesize index shed 54 points, or 2.1%, to reach 2,527 points, lowest level since March 11.* "On the West Australia front, we see relatively limited cargoes and some enquiries for slightly forward end April dates…

The Baltic Exchange's dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, marked its lowest level in two weeks on Wednesday, pulled down by weaker capesize rates.* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 8 points, or 0.5%, to 1,634 points. The index hit its lowest level since March 12.* The capesize index shed 49 points, or 1.9%, to reach 2,581 points, a two-week low.* Average daily earnings for capesize vessels…

CK Hutchison on Thursday reported an 11% drop in underlying profit for 2024, as one of Hong Kong's most powerful conglomerates becomes increasingly embroiled in a political row over the sale of its ports business to a BlackRock-led consortium.The telecoms-to-retail conglomerate, owned by billionaire Li Ka-shing, said this month it had agreed to sell most of its global ports business, including assets near the strategically important Panama Canal, in a deal that would garner the firm more than $19 billion in cash.Its shares initially rallied after the deal…

Russia's second-largest lender VTB's deal to acquire the Zvezda shipbuilding yard from oil company Rosneft is now dead because the VTB-owned United Shipbuilding Corporation (USC) cannot finance the acquisition, VTB CEO Andrei Kostin said on Tuesday.VTB is currently running USC, Russia's largest shipbuilder, which operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff.VTB said in December of last year that it was in talks with Rosneft over the Zvezda acquisition…

Increasingly, maritime finance is tied to the environmental impact of the asset or project.Under Zero-Emission Accelerating Ship Finance (the Program), which is jointly operated by the Development Bank of Japan Inc. (DBJ) and ClassNK, ClassNK evaluated the LNG-fueled car carrier OCEANUS HIGHWAY (IMO No. 1046049), owned by Kawasaki Kisen Kaisha, Ltd. ("K" LINE). DBJ provided financing to "K" LINE.ClassNK evaluates ships based on a comprehensive scoring model jointly developed with DBJ from the perspective of ‘decarbonization…

Belgian oil tanker group CMB Tech said on Thursday its profit sunk 76% in the fourth quarter amidst slow tanker and dry bulk markets, although it still beat market expectations aided by the disposal of some older vessels.The group, formed after Euronav's takeover of Compagnie Maritime Belge last year, reported a net gain of $0.48 per share for the final quarter of 2024, compared to $2.01 a year earlier. Analysts were expecting $0.21 per share on average, LSEG's IBES data showed.CMB Tech is continuing to carry out its long-term strategy of rejuvenating and optimizing its fleet…

Watson Farley & Williams (‘WFW’) advised Eurazeo, acting as lead investor via its Eurazeo Transition Infrastructure Fund, on a $73m investment in new offshore service vessel platform MPC OSE Offshore. The platform, a joint venture between MPC Capital and O.S. Energy, helps develop, build, and manage service support vessels for offshore wind farms. The consortium of investors comprised the European family office and others in addition to Eurazeo.A leading European investment group with $37bn AUM, Eurazeo supports 600+ mid-market companies across Europe, Asia, and the United States.MPC Capital is a global investment and asset manager with $5bn AUM specializing in transport…

Western Bulk improved its trading performance (Net TC) from $15 million to $24.4 million in 2024 while restructuring the business to lower the annual G&A costs by 15 % to $22 million going forward. Excluding one-offs from restructuring and provisions, the net result was $2.6 million and Net TC $28.6 million. The net result for the entire year of 2024 ended at $-2.7 million. “We have improved our business in 2024 and will improve it further in 2025. Although we expect challenging market conditions in the first half of 2025, I am confident we will show good profitability this year”, Torbjørn Gjervik, CEO of Western Bulk. The second half of 2024 saw record-low market volatility, limiting trading opportunities.

Maersk on Thursday said it expects to grow its business to track an expected 4% growth in global container shipping this year, even as profits are set to decline and U.S. President Donald Trump's tariff threats create uncertainty.Geopolitical developments including Trump's threats to impose tariffs on the top U.S.

Container shipping firm Hapag-Lloyd has secured long-term financing, in the amount of $4 billion, for 24 large container ships ordered in October 2024, with a combined capacity of 312,000 TEU.Around $900 million of the purchase price will be financed using the company’s own funds. A total of $500 million will be made available from two banks in the form of bilateral mortgage loans.Another part, in the amount of $1.8 billion, will be financed via three leasing structures, and $1.1…

Germany's budget committee is expected to approve state guarantees worth up to $4.27 billion to help Thyssenkrupp Marine Systems (TKMS)  win an order from Argentina for three submarines, two sources in the budget committee said on Wednesday.Several media outlets have reported that a French shipbuilder is also been in the running for the order, worth some 2.2 billion euros, which has not yet been made.The guarantees would cover the construction and delivery of three Type 209 submarines…

Swan Defense and Heavy Industries Limited (SDHI), a private player in commercial & defence shipbuilding, ship repairs, and heavy fabrication in India, will recommence trading of its shares at BSE/NSE under the script code – 533107/SWANDEF. The shares will be available for trading with effect from January 20, 2025.Swan Energy Limited gained management control of Swan Defense and Heavy Industries Limited in January 2024. As part of its operational revival, the company recently completed the refit of the Indian Coast Guard’s fast patrol vessel…

BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut the British company's costs by at least $2 billion by…

The domestic passenger vessel answers the call for cleaner and more efficient platforms. It is truly an electric time to be a part of this niche industry.In the shadow of a rapidly changing political landscape, the domestic passenger ferry sector is nevertheless seeing an increasing number of newbuild vessel orders. Older fleet vessels, some approaching financial and operational obsolescence – also environmentally undesirable on a waterfront that more than ever demands cleaner carbon signatures – are going the way of the dinosaur.

PSA Singapore (PSA) and Evergreen Marine Corporation (EMC) have established a joint venture in Singapore, aiming to enhance operational excellence and achieve greater synergies in container operations.The joint venture terminal is expected to commence operations by the end of 2024. This strategic partnership will offer long-term terminal capacity assurance to EMC’s fast expanding global vessel fleet in PSA Singapore.PSA and EMC will continue to deepen their collaboration to enhance operational efficiency, drive digital innovation, and advance sustainability efforts.

Federal funds to upgrade aging docks to accommodate ultra-large vessels and expand economic benefits to region.The Port of Oakland was awarded approximately $50 million from the U.S. Department of Transportation Maritime Administration (MARAD) to modernize wharves and terminal infrastructure at the Outer Harbor. The Port’s Outer Harbor will be upgraded to accommodate Ultra Large Container Vessels, which are now a regular part of the shipping fleet calling on West Coast ports. These ships have a handling capacity of up to 24,000 TEUs (20-foot containers) but are restricted at portions of Oakland’s Outer Harbor by aging wharves which were originally designed for smaller ships.Newer, larger vessels are more efficient, cost effective and environmentally cleaner to operate than older ships.

Italian shipbuilder Fincantieri on Thursday raised its full-year forecast on revenue to "above" 8 billion euros ($8.43 billion), from "about" previously indicated, boosted by all business segments.The Trieste-based vessel maker reported a nine-month core profit (EBITDA) a 19% rise to 328 million euros, while its January to September revenue stood at 5.58 billion euros, up 3.7% yearly.Fincantieri's nine-month order intake totalled 8.5 billion euros, more than double the orders acquired in the same period last year.($1 = 0.9489 euros)(Reuters - Reporting by Romolo Tosiani; Editing by David Evans

The French government has selected winning proposals for a hydrogen import terminal, a renewable fuels facility and a lithium production factory to be built at the state-run port of Le Havre as part of an effort to attract industrial investment, the finance ministry said on Thursday.The land around the port was labelled a turnkey investment site under the 30 billion euro "France 2030" plan, allowing Haropa Port — the public entity that manages the ports of Rouen, Le Havre and Paris — to launch a tender for green projects.The three winners will benefit from accelerated approval procedures, grid connections and aid for preliminary studies from Haropa.If built, the projects would represent some 2.6 billion to 2.7 billion euros of investment and 720 jobs, the ministry said.U.S.