GLG News by Container Leasing Professionals

Navios' prediction that up to half of the dry bulk orderbook through 2010 will be canceled won't happen.

Whilst it is true that there are numerous cancellations in the pipeline, the impact depends on the size range of the tonnage. In the end, however, the markets will not return to health until greater demand for cargo carried. 

TOP Ships has done some very timely restructuring over the past few months, selling vessels restructuring debt and terminating lease obligations.  They have improved liquidity and contained leverage.  They have increased secured employment cover. Given that TOPS was in technical...

Iron ore and steel production cut backs, whether short-term or longer, do not support the current abysmal dry bulk shipping rates.

Tradewinds reported on USS' SEC filing on a likely write-down of their fleet values, continuing the problems facing the Jones Act tanker company.

Hailed as a "no brainer" by analysts, Genco's forfeiture of over $50M in deposits to cancel the purchase of 6 new ships is nevertheless a bad indicator of how the company will fare going forward.

Eagle has an ambitious newbuilding program ahead in a weakening freight markets and tight credit conditions. It has maintained a generous dividend policy, which is conditional to meeting its debt covenants. It should look to strengthen its balance sheet in current market conditions and the brewing world-wide...

Tradewinds quoted Fearnley Fonds as suggesting that EGL is already in breach of its debt covenants due to falling asset values and that dividend cuts will be necessary.  While dividend cuts are inevitable, true asset values are higher than suggested.

Nordea and Lloyds TSB, which agreed the $170m deal in May on five bulkers, appear to have alleged that “certain events of default” have taken place, including its financial condition changing for the worse.   They are said to have provided cash for daily operations and requested vessels to...

Britannia was one of a very few shipping IPO's this year.  It had a rocky start from inception.  The initial issue did not go well and it has been a downwards trajectory every since. Presently it is caught in a potential liquidity bind with falling fleet utilization, falling charter rates...