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’Unlucky Corsair Finance
We’ve heard of CDOs swashbuckling with risk, but this is just silly…
On Tuesday, Moody’s junked €200m of notes of Corsair Finance (Ireland) No. 2 Limited, a collateralised debt obligation referencing several corporate entities.
The pirate business model
We missed this earlier in the month, but it’s definitely worth ‘flagging up’ to readers as it was being pinged around Citi emails on Wednesday.
UN Dispatch, a site dedicated to providing commentary and coverage on the UN and UN-related issues,
Yar! Interdealer piracy
Buccaneers hassling your fleet around the seven seas? Time to hire some muscle.
Interdealer broker ICAP are said to be amassing ducats introducing worried ship owners to pirate slaying mercenaries.
And for a small fee you too can be “briefed in anti-piracy preparation and drills”,
Pirates of London
So, it isn’t unreasonable to expect Somali Pirates to be powered by Bloomberg afterall. From the Guardian:
…pirate groups have “well-placed informers” in London who are in regular contact with control centres in Somalia where decisions on which vessels to attack are made.
Yarrrrr!
Continuing our popular piratical series, we bring you, Ladies and Gentlemen – Lat 4.595N, Long 48.085E – The Sirius Star!
Yes, that is it.
Click on the image for more sea. And a little bit of beach.
Pirate equity
Pirate Captain: Argh, let’s wreak some havoc on global oil markets.
Pirate: Aye, ’tis time to hijack a supertanker.
Pirate: Argh, let’s see what those scurvy commodities traders think of this one.
Shiver me freight rates
As if shipping hasn’t had enough of a bad time, JBC Energy reports:
As a result of the hijacking of a fully laden Saudi VLCC by Somali pirates yesterday, insurance companies are raising premiums for passage through the Gulf of Aden.