Ravenna-based Gestioni Armatoriali will sell four ships from its fleet of 12 before next summer. That’s what is written in the restructuring plan the company controlled by Nicola Coccia, Bruno Castaldo and the Bazzi family produced with the support of the industrial advisor Venice Shipping & Logistics. The four ships for sale are the supramax […]
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Gestioni Armatoriali supramax fire sale in bid to survive
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MSC and Palumbo team up for a new floating drydock in Naples
Two shipyards based in the port of Naples, La Nuova Meccanica Navale (50% owned by MSC Group and the local Ummarino family) and Palumbo Group, have joined forces and set up a joint venture called Napoli Dry Docks which is aimed at investing in a new floating drydock for the port. The new infrastructure, just […]
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Fratelli Cosulich acquires bunker tanker for Singapore
Italy’s Fratelli Cosulich has just sealed the acquisition of its third bunker tanker to be deployed in the port of Singapore. Timothy Cosulich, CEO of the company, confirmed to Splash that the vessel just bought is the small clean tanker formerly owned by the Singapore-based company Universal Energy. “She will be renamed Patrizia Cosulich and […]
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Giuseppe Bottiglieri rescue plan gains bank approval
Naples-based Giuseppe Bottiglieri Shipping Company has obtained a green light from banks on the restructuring plan proposed jointly with Bain Capital investment fund. In a release on Friday Giuseppe Bottiglieri Shipping Company expressed its gratitude to all creditors, from brokers to suppliers and the banking system, namely Monte dei Paschi di Siena, MPS Capital Service, […]
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Gestioni Armatoriali now at the mercy of turnaround funds
UK turnaround fund Attestor Capital is rapidly increasing its role in the Italian shipping arena, purchasing its second non-performing-loan of Ravenna-based Gestioni Armatoriali in quick succession. In February Attestor bought, together with Deutsche Bank, Intesa Sanpaolo’s financial exposure with the company which is valued at some $85m and now some sources familiar with the matter […]
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Prysmian invests in new cablelayer
Italy’s Prysmian Group, a specialist in the energy and telecom cable systems industry, has announced an investment in excess of €170m ($210m) in a new cutting-edge cable laying vessel. “This strategic asset will bolster Prysmian’s turnkey approach, under which it delivers end-to-end EPCI projects, from engineering, manufacturing and installation to full monitoring and diagnostic services,” […]
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Saipem buys Lewek Constellation
Italy’s Saipem is paying $275m to acquire , an ultra deepwater rigid and flexible pipelay, heavy lift and construction vessel. Stefano Cao, CEO of Saipem, commented: “The Constellation will integrate our offering with reeling capabilities in order to safely and competitively respond to the needs of the subsea tie-back market whose developments are becoming increasingly […]
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Italian bank readies to offload shipping loans
Genoa-based lender Banca Carige has put up for sale the financial exposures of three shipping companies which are worth some $750m. The loans classified as ‘unlikely to pay’ (one step before the ‘non performing loan’ stage) and related to Ignazio Messina & C. ($585m), Finbeta and Scerni di Navigazione are part of a bigger amount […]
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Moby and Tirrenia sanctioned by antitrust authority in Italy
The Italian Antitrust Authority sanctioned two ferry companies, Moby and Tirrenia CIN which are both part of the Onorato Armatori group, with a fine of €29m ($36m) for abuse of their dominant position in the roro maritime links between Italy and the island of Sardinia. The authority stated that the two companies involved acted with the […]
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Nova Marine Carriers takes bulk pair from United Seven KG
Lugano-based Nova Marine Carriers is going to add two modern bulk carriers to its fleet. According to some market reports both the ship North Wind and South Wind controlled by the German company United Seven KG are on the verge of being sold en bloc to Italian buyers for $8.8m each. Some sources revealed to […]
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Grimaldi taking full control of New TTT Lines
Grimaldi Group is set to take full control of ro-ro shipping company New TTT Lines according to workers unions in Italy which are calling for more detailed informations about their future. New TTT Lines, 50-50 owned by Italian groups Grimaldi and Caronte & Tourist, is active with two time chartered ro-pax ships on the motorway […]
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Icon Infrastructure buys into Salerno port
UK-based fund Icon Infrastructure has bought into the port of Salerno in southern Italy. Icon has a 45% stake in Spinelli Group which just announced it has sealed a deal to take a 30% stake of the Salerno Container Terminal. The terminal handled some 350,000 teus in 2017. The seller, Gallozzi Group, will maintain a […]
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D’Amato di Navigazione to fight bankruptcy decision
The Naples-based D’Amato di Navigazione shipping company has been declared bankrupt by a local court but the main shareholder has not given up and intends to fight the decision. The D’Amato family confirmed to Splash that they have already filed a complaint against the verdict claiming it has many errors. The long-standing legal dispute is […]
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Matrix Energy closes in on third tanker
Nigerian group Matrix Energy is close to snapping up the 2004-built tanker for a price of roughly $10m. The ship is owned by the shipping-dedicated investment fund Venice Shipping & Logistics. “The deal is still subject to some specific conditions for a few days but it’s very likely to be closed,” a source familiar with […]
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Micoperi fails in standstill bid
Ravenna-based Micoperi was not able to reach a positive vote from 51% of the bondholders called to express their votes on the standstill request presented after the company did not repay $11m worth of instalments on a bond issue due for payment in April. The Micoperi bond was issued in April 2015 with a volume […]
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RINA Services CEO Michele Francioni resigns
Michele Francioni has just resigned from his role of CEO at RINA Services citing personal reasons. The decision by Francioni was unexpected, and rumours point to differences with the group’s top management on some key decisions. RINA is likely to find a new CEO from within the group. RINA Services is one of the two […]
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New Italian line launched
A new shipping line was launched in Italy yesterday and is due to start operations early next month. ProCargo Line will be operating regular connections between the Italian ports of Marina di Carrara and Cagliari with Sousse, Sfax and Zarzis in Tunisia. ProCargo Line is controlled by Grendi, and partners include Bogazzi Group, terminal operator […]
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Star Bulk adds 16 Augustea bulkers in all-share transaction
Greek dry bulk owner Star Bulk Carriers has moved to take its fleet to 90 vessels, with the acquisition of 16 bulkers from Italy’s Augustea Atlantica and York Capital Management in an all-share transaction. Star Bulk will assume debt of $310m and issue around 10.5m shares to the two sellers, giving them a 14.1% stake […]
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Saipem awarded $190m worth of new contracts
Italian offshore services firm Saipem has been awarded several new contracts, led by semi-submersible rig Scarabeo 8, worth a total of around $190m. The 2012-built Scarabeo 8 has been awarded several new contracts operating off Norway. Initially, the rig will be used for the drilling of an option well with Norske Shell and then goes […]
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Nova Marine Carriers takes handysize from Nisshin Shipping
Lugano-based shipping company Nova Marine Carriers is closing its seventh deal of the year, with the company controlled by Giovanni Romeo and sons reported as the buyer of the 2015-built handysize bulk carrier Western Baltic. The seller is Japanese firm Nisshin Shipping and the price stands at some $17m according to VesselsValue.com. Romeo declined to […]
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