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Aug 6, 2015

Container ships make slow return to Iran after nuke deal

LONDON, Aug 6 (Reuters) – The first international container
ships began arriving in Iran this week after the nuclear deal
between Tehran and world powers, yet many ship owners remain
wary of resuming business until sanctions are removed – still
some months away.

Iran had depended on foreign ships for much of its imports,
but has relied more on land routes and its own commercial fleet,
particularly since 2012, as layers of sanctions led to an exodus
of Western shipping firms, leading to supply disruptions.

Aug 5, 2015

Exclusive: U.S. investment funds target Italian shipping debt deals – sources

LONDON (Reuters) – Distressed debt investors are looking to buy shipping loans from Italian banks, encouraged by legal and regulatory changes that could reduce the chances of them getting embroiled in drawn-out bankruptcy proceedings.

U.S. hedge funds including Davidson Kempner, King Street Capital, York Capital and Z Capital, have set their sights on an estimated $13 billion of shipping loans portfolios held by Italian banks, six sources said, speaking on condition of anonymity. Some of the loans are bad debts.

Aug 5, 2015

U.S. investment funds target Italian shipping debt deals- sources

LONDON, Aug 5 (Reuters) – Distressed debt investors are
looking to buy shipping loans from Italian banks, encouraged by
legal and regulatory changes that could reduce the chances of
them getting embroiled in drawn-out bankruptcy proceedings.

U.S. hedge funds including Davidson Kempner, King Street
Capital, York Capital and Z Capital, have set their sights on an
estimated $13 billion of shipping loans portfolios held by
Italian banks, six sources said, speaking on condition of
anonymity. Some of the loans are bad debts.

Jul 31, 2015

Libya food imports fall as turmoil disrupts deliveries

LONDON/CAIRO, July 31 (Reuters) – Imports of food, including
wheat, are dropping sharply to Libya, which has the highest per
capita bread consumption in the world, as foreign shippers run
scared of making direct deliveries due to worsening turmoil.

The country is in chaos, with two governments fighting one
another and armed groups roaming uncontrolled, among them
Islamic State militants who have attacked oilfields.

Jul 23, 2015

Lithuanian artists grapple with compatriots’ dark role in Holocaust

LONDON (Reuters) – Lithuanian writer Sigitas Parulskis first confronted the enormity of the Holocaust during a visit to London when he stumbled across a museum plaque showing collaborators from his small town who took part in the mass murder of Jews.

    Decades after the end of World War Two, in which six million Jews across Europe were annihilated by the Nazis, some Lithuanian artists are confronting the role played by compatriots in the killings.

Jul 21, 2015

Iran makes first big grains purchases in months -traders

LONDON/HAMBURG, July 21 (Reuters) – Importers in Iran
snapped up more than 200,000 tonnes of corn and soybeans from
South America in recent weeks, the first large grains purchases
in months to bolster stocks, traders said on Tuesday.

Tehran signed a nuclear deal with world powers last week but
traders said Iran is unlikely to make large purchases of wheat
in coming months until there is more clarity over the removal of
Western sanctions.

Jul 16, 2015

Global banks to steer clear of Iran until sanctions finally go

LONDON/FRANKFURT (Reuters) – International banks and most insurers are likely to steer clear of dealing with Iran for some time, fearing they could face more fines from U.S. regulators despite this week’s nuclear deal between world powers and Tehran.

With almost 80 million people and annual output of some $400 billion, Iran will be the biggest economy to rejoin the global trading and financial system since Russia emerged from the ruins of the Soviet Union over two decades ago.

Jul 16, 2015

First Iranian ship storing oil sails for Asia after nuclear deal

LONDON, July 16 (Reuters) – An Iranian supertanker with two
million barrels of oil is heading to Asia after sitting in
Iranian waters for months, the first vessel storing crude
offshore to sail after a nuclear deal this week, data showed on
Thursday.

Iran and six major world powers reached a landmark nuclear
deal on Tuesday, clearing the way for an easing of international
sanctions on Tehran and higher oil exports.

Jul 16, 2015

UK export credit agency to review Iran cover after nuclear deal

LONDON, July 16 (Reuters) – Britain’s export credit agency
is planning to review Iran’s creditworthiness, it said on
Thursday, one of the first steps to normalising trade between
the two countries after this week’s nuclear deal between world
powers and Tehran.

With just under 80 million people and annual output of some
$400 billion, Iran is set to be the biggest economy to rejoin
the global trading and financial system since the break-up of
the Soviet Union over two decades ago.

Jul 10, 2015

Exclusive – RBS looking to sell $5 billion Greek shipping loan business: sources

LONDON/ATHENS (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research) is winding down its Greek operation and is putting its $5 billion (3 billion pound) shipping loans portfolio up for sale as the group scales back non-core activities, finance sources familiar with the plans said on Friday.

The move, part of a wider strategy by RBS to shrink parts of its international business, comes as Greek Prime Minister Alexis Tsipras makes a last ditch effort to secure a bailout from international creditors and prevent a financial meltdown in the country.