ERROR AND APOLOGY
In the October issue of Marine Money page 9, we erroneously stated that the Bank of New York “took a 30% write down of their estimated $1 billion shipping portfolio”. We regret the unintentional error and apologize to the Bank of New York.
HIGH YIELD
LONELY ANALYSTS
While most “normal” analysts are tightly huddled around squawk boxes, listening to earnings calls, shipping analysts are feeling a little left out because shipping issuers don’t have to (and don’t) report until 60 days after the quarter. While many thought that most shipping restructurings would be done in 1999, it looks as though 2000 will be another busy year for the clean up crews.
GOLDEN OCEAN
The biggest news in the high yield sector this week is that Golden Ocean received approval from holders of 70% of its bonds to waive the covenants related to the delivery of the VLCC Opalia from KKI and the scheduled deliveries of three additional VLCCs from Hitachi (see last week’s FM for details). A subsidiary of Golden Ocean has entered into an agreement to purchase the Opalia following the expiration of its charter to Shell (2 years, option 2). Two (option one) of the three Hitachi ships will go to Stena when they are delivered. The consent allows the company to deliver its 1999 newbuildings while it is finalizing its pre-agreed restructuring.
This is only an excerpt of Freshly Minted – November 4, 1999
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