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Thursday, November 26, 2020

Abn Amro News

Martijn van den Berg (Photo: Zuyderzee Capital)

Martijn van den Berg joins Zuyderzee Capital

Zuyderzee Capital, the specialized investment and advisory services company focused on maritime and logistics, announced a new strategic initiative intended to broaden the overall consulting service offering to its client base: Operational & Administrative Advisory.Martijn van den Berg joins the firm as Director responsible for the new business unit.Martijn joins Zuyderzee Capital having spent more than 24 years at ABN AMRO Bank and its predecessors including many years in the…

Poseidon Readies $140Bn Shipping Loan

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively…

TORM Secures $496M for Debt Refinancing

Denmark-based product tanker company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.The carrier of refined oil products said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance the company’s debt covering a total of USD 502 million.Following the refinancing, TORM does not have any major debt maturities until 2026 which supports TORM’s strong capital structure…

Corporates Pledge for Healthy, Productive Ocean

30 companies and institutional investors have signed up to the United Nations Global Compact (UNGC) Sustainable Ocean Principles committing to take action to secure a healthy and productive ocean.UNGC is a special initiative of the UN Secretary-General, the United Nations Global Compact works with companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption.The signatories to the principles include the container ship and supply vessel operator A.P.

© Yaniv / Adobe Stock

Shipping Sector Sets Course for Zero Carbon

Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Achieving this target will…

Global Ship Lease Bags Refinancing Deal

Global Ship Lease (GSL), UK-based holding company and containership charter owner, has now settled a five-year refinancing of its debt.According to the container ship owner, the new syndicated $268m credit facility is signed with a number of commercial lenders including Credit Agricole Corporate and Investment Bank, ABN AMRO Bank, CIT Bank, Hellenic Bank and Siemens Financial Services.GSL expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly…

Blockchain Container Completes Maiden Voyage

The Port of Rotterdam has announced that the first paperless and fully door-to-door tracked container, based on blockchain technology, has arrived at the warehouse of Samsung SDS in Tilburg.Last year Dutch bank ABN AMRO collaborated with the Port of Rotterdam and Samsung SDS on a blockchain trade initiative, DELIVER. The DELIVER concept fuels process automation and provides value for all actors in the supply chain.Yesterday, they have successfully tracked and instantly financed a shipping container and the Proof of Concept (PoC) phase is complete.

© Elnur/AdobeStock

Being Green: Banks Consider CO2 Emissions in Shipping Loans

A group of leading banks will for the first time include efforts to cut carbon dioxide emissions in their decision making when providing shipping company loans, executives said on Tuesday.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Working with non-profit organisations the Global Maritime Forum, the Rocky Mountain Institute and London University's UCL Energy Institute…

HC2 Holding Mulls Global Marine Sale

The diversified holding company HC2 Holdings announced that it is exploring strategic alternatives, including a potential sale, for its  Global Marine Group (GMG)  subsidiary.As part of this process, Global Marine Holdings, a leading provider of offshore engineering services to the telecommunications, renewables and oil & gas industries through its operating subsidiary Global Marine Systems Limited, has engaged Deutsche Bank Securities Inc. and ABN AMRO Bank as joint advisors to explore strategic alternatives for the business."Since our acquisition four years ago…

Container Logistics Blockchain Pilot Launched in Rotterdam

The Port of Rotterdam Authority, Samsung SDS and ABN AMRO are preparing to launch a container logistics blockchain pilot.The pilot will seek to use blockchain technology to build a platform for efficient and paperless administration processes for the international finance and logistics surrounding container transport. The result should make it just as easy to transport, track and finance goods and services as it is to order a book online.Currently payments, administration and…

From left to right: Sanghun Lee, Samsung SDS; Daphne de Kluis, ABN AMRO; and Paul Smits, Port of Rotterdam Authority (Photo: Aad Hoogendoorn)

Container Logistics Blockchain Pilot Launched in Rotterdam

There is still a lot of space in the logistics sector to use digitization to achieve more transparency and, particularly, more efficiency.ABN AMRO, the Port of Rotterdam Authority and Samsung SDS, the logistics and IT arm of Samsung, have joined forces to launch a pilot based on blockchain technology. The pilot starts in January next year, and the results will be announced in February 2019. The ultimate goal is for a complete, paperless integration of physical, administrative and financial streams within international distribution chains."The transportation…

© Anatoliy Matronyuk / MarineTraffic.com

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen

Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers

Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…

Scorpio Bulkers Gets New Loan Facility

Monaco-based international shipping company Scorpio Bulkers announced that it has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to USD 60 million.The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum.This loan facility…

GoodBulk Files for a $100 Mln IPO

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for…

(Photo: Oldendorff Carriers)

Oldendorff Joins Sustainable Shipping Initiative

Dry bulk ship owner and operator Oldendorff Carriers has become a member of the Sustainable Shipping Initiative (SSI), a coalition of global shipping industry companies working toward a more environmentally sustainable maritime industry.Oldendorff joins other SSI members, including ABN-Amro, AkzoNobel, Bunge, China Navigation, IMC Shipping, Lloyd’s Register, Louis Dreyfus, Maersk, Priya Blue, Rightship and Wartsila, who are working together with NGOs Forum for the Future and WWF…

International Seaways Funds FSO Joint Ventures

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan…

Euronav Secures Loan for Four Ice-class Suezmaxes

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…

$252m Finance for LNG-Powered Tankers

Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.

SCF Secures Funds for Six Aframax Tankers

PAO Sovcomflot (SCF Group) informed that it has signed a new $252 million 7-year credit facility with a consortium of six leading international banks, which includes: ABN AMRO Bank; BNP Paribas; Citibank; ING Bank; KfW IPEX-Bank, and Société Générale. The funds will be used towards financing a series of six Aframax tankers, the first-ever such vessels purpose-designed to be powered by LNG, currently under construction and due for delivery from Q3 2018 to Q2 2019. These innovative…

Team Tankers Buys Two Tanker Carriers

Team Tankers International announced that it has entered into share purchase agreements to acquire all outstanding shares in each of Laurin Shipping and Anglo-Atlantic Steamship Company. In combination with associated ship purchases, the total estimated enterprise value of the series of transactions is approximately $206 million. Upon completion of the transactions, Team Tankers will grow its fleet from 37 to 52 vessels. With the acquisition of Laurin Shipping, trading under the Laurin Maritime brand…

File photo: Louis Dreyfus Co / © David Hundley

US Soy Cargo to China Traded Using Blockchain

A cargo of U.S. soybeans shipped to China has become the first fully-fledged agricultural trade conducted using blockchain, participants said on Monday. Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale and ABN Amro took part in the trade where the sales contract, letter of credit and certificates were digitalised on the Easy Trading Connect (ETC) platform. "We noticed very significant efficiency gains ... far beyond what we expected," Robert Serpollet, global head of trade operations at Louis Dreyfus…

TORM Updates Fleet Status

Denmark shipping company that owns and operates product tankers and bulk carriers TORM exercised two options for the construction of two LR1 newbuildings for a total commitment of USD 74m and with expected delivery in 2019 through the first quarter of 2020. In connection with the two newbuildings, TORM has secured commitment from ABN AMRO for attractive vessel financing of up to USD 50m, subject to documentation. As of 31 December 2017, TORM had available liquidity of USD 405m, consisting of USD 134m in cash and USD 271m in undrawn credit facilities excluding the ABN AMRO financing.

Vitol Returns for $8 Bln Loan Refinancing

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.

Höegh LNG Secures Financing for FSRU Unit

Höegh LNG Holdings has announced that it has received commitment letters for a US$230 million debt financing for its eighth floating storage and regasification unit (FSRU). The Facility comprises a 12 year export credit agency (ECA) term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt (GIEK) and Eksportkreditt of Norway, and a 5 year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank.

Banks Backs Responsible Ship Recycling Standards

Dutch banks ABN AMRO, ING Bank and NIBC, together with the Scandinavian DNB, announced that they are all introducing Responsible Ship Recycling Standards (RSRS) for their ship financing. The banks took the opportunity of making this announcement during the biannual industry gathering in order to raise awareness with the intention of including more banks into the initiative. The Norwegian fund, KLP, who in 2016 commissioned a report by the International Law and Policy Institute on shipbreaking, had also already taken a stance to reject beaching practices.