Chinese electric vehicle (EV) giant BYD has secured a substantial $5.6 billion (HK$43.5 billion) through a share placement in Hong Kong, marking the city’s largest such offering in nearly four years. Despite the significant capital raise, BYD’s shares experienced a temporary downturn. According to a stock exchange filing, BYD sold 129.8 million shares at HK$335.20 each. Notably, the United Arab Emirates-based
READ MORE
Troubled electric vehicle manufacturer Nikola Corporation has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware after failing to secure a buyer or raise additional funds to sustain its operations. The Arizona-based company plans to maintain some direct service activities and continue fueling operations until March 2025, after which it will need external assistance to
READ MORE
Porsche shares tumbled by as much as 8% on Friday (Feb.7), marking the biggest drop among European firms and its worst single-day decline since its much-hyped 2022 IPO on the Frankfurt Stock Exchange. The sharp decline followed a warning from the German luxury automaker that rising costs—especially for new model rollouts and battery-related investments—would significantly impact 2025 profits. Late Thursday, Porsche stunned
READ MORE
The Houthi rebels in Yemen announced they would limit their attacks in the Red Sea corridor to only Israeli-affiliated ships, following a ceasefire agreement in the Israel-Hamas conflict. The Sanaa-based Humanitarian Operations Coordination Centre (HOCC), which liaises between Houthi forces and commercial shipping operators, specified that it was stopping “sanctions” against vessels owned by United States and British entities, as well as
READ MORE
NYSE-listed Scorpio Tankers received commitments from a group of financial institutions for a revolving loan of up to $500.0 million. The Revolving Credit Facility is a 100% revolving loan, which has a final maturity of seven years from the signing date and gives the shipowner the flexibility to draw down or repay the loan during the loan tenor. The Revolving Credit Facility
READ MORE
Hamburg-based Hapag-Lloyd, one of the world’s leading liner shipping companies, is breaking ground in Uganda, opening its new office in the capital city of Kampala. Strategically situated, Uganda provides excellent connections to five neighboring countries in East and Central Africa. With a population of around 50 million, the country has become an attractive market on the African continent. The Ugandan economy is
READ MORE
Danish transport giant Maersk on Aug. 21 opened the doors to its largest Logistics Park at Jeddah Islamic Port in Saudi Arabia. The $250million, 225,000 sq m logistics facility provides a list of services under one roof, including: multi-modal connectivity between ocean, land and air transport; warehousing solutions catering for B2B and e-commerce requirements; temperature-controlled warehousing; custom-bonded setup; distribution solutions including first-
READ MORE
