For all their talk, banks are as averse to risk on expensive ‘greener’ projects as owners are, says owner Aristides Pittas

Trading in Milan and in the US OTC Pink Market, d’Amico is seeking to upgrade to OTC Markets’ top tier OCTQX, which requires higher financial and governance standards, and offers greater transparency to investors

US-listed crude and product tanker owner International Seaways has entered a $160m revolving credit agreement with a sustainability-linked pricing adjustment. The adjustment is linked to three factors related to fleet sustainability, amount of sustainability-linked investment and the frequency of lost time injuries, consistent with a facility Seaways entered in May last year

DP World and Indonesia-based Maspion Group will build a 3m teu container terminal in Gresik, East Java costing up to $1.2bn

Scorpio Tankers continues to reduce financing costs. It is exercising purchase options on 21 product tankers, bringing the tally since last August to 72 vessels. The company has also repaid debt relating to six vessels under three different facilities for about $100m

The Poseidon Principles were supposed to foster agreement about the subject of IMO emission targets. However, alignment to the 1.5°C Paris targets has quietly been shelved after a vocal minority of signatories pushed back against the potential cost and risks associated with this plan

CMA CGM boasts largest dual-fuel methanol boxship orderbook, VLGC rates ease from record-shattering highs, Russia’s Danube offensive fails to dent Ukraine exports, more containerships and bulker sold for recycling as prices jump and Baltic Dry Index hits year-to-date high

Move follows clash over similar move on publicly listed tanker company Performance Shipping in the past month

Tanker tycoon John Fredriksen is understood to be considering an offer from the Saverys family’s CMB to buy out his Euronav shares worth just shy of $1bn in return for Frontline ingesting a sizable portion of the Euronav tanker fleet

While shipping companies traditionally reinvested profits in expanding and modernising their fleets, listed owners have increasingly been allocating their capital towards debt repayment and share repurchases in recent years amid strong cashflows, regulatory uncertainty and a lack of yard slots

The emergence of Chinese lessors coincided with the retreat of Western shipping banks after the 2008 financial crisis. Today, charting a new course may be more vital than ever, given the mounting market and geopolitical headwinds

Containers, cruise and car terminal all contributed to positive result