Confidence in shipping on the rise
Carriers seem to be finding the way out of the valley of tears, gradually. One of the Big Three in Ratings, the Agency Standard & Poor’s (S&P), has just upgraded its perspective on the carrier Hapag-Lloyd.
The shipping company's credit rating was raised one notch from ’B+‘ to ‘BB-’ with a ‘positive’ outlook. This is "the highest credit rating assigned to Hapag-Lloyd since the research was initiated by S&P in 2010", the shipping company said in a press release.
Additionally, the senior unsecured bond rating was raised to ‘B’ from ‘B-‘. S&P banked its judgement on the carrier's ebitda performance in 2020, cash flow generation and the gradual reduction of debts. (cd)