BBG: Blackstone defaults on Nordic CMBS as property values wobble
BLOOMBERG reports: Blackstone Inc. defaulted on a €531 million ($562 million) bond backed by a portfolio ...
Straits Orient Lines (SOL) has grown its fleet to 14 ships, after buying a pair of feeder vessels formerly operated by Heung-A Line.
The Singapore-based feeder operator has acquired the 1997-built 653 teu sister vessels Heung-A Jakarta and Heung-A Manila for $5.5m each from Global Skipsholding II, a Norwegian shipping fund owned by US investment group Blackstone.
SOL is just one of many operators buying ships since freight rates began their rocketing rise from Q3 20, having bought four. Excluding the recently acquired ships, SOL is ranked number 52 among liner shipping operators, based on a total operating capacity of 19,622 teu, including a 1,155 teu chartered vessel.
Formerly known as Orient Express Lines, the company was rebranded on 1 July last year and is part of the Transworld group headed by Mahesh Sivaswamy. SOL operates feeder services concentrated on South-east Asia and the Indian subcontinent, working with BLPL Singapore, an associated non-vessel owning common carrier.
It said the new name highlighted its regional focus, as SOL honours the Straits of Singapore and Malacca as their principal tradelane and “sharpens its focus on the Bay of Bengal, Southeast Asia and South Asia corridors”.
CMA CGM liner trades pummelled in Q1 – and there's worse to come
Container freight rates: 'collapse' is the word, says Xeneta
Mexican rail seizures give near-shoring interests pause for thought
Major box lines still fighting over diminishing supply of smaller ships
Evergreen and Wan Hai face up to bearish market as profits tumble
Cargo shifts back to US west coast ports, but some has gone for good
UPS names John Bolla new president of global healthcare
FedEx pilots win ‘tentative agreement’ on new contract after strike threat
Comment on this article