Global Ports Signs 30 Year Deal in Antigua
Cruise port operator Global Ports Holding (GPH) has signed a 30-year concession agreement with the government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis.The concession also includes certain retail outlets in the project area. This concession marks GPH’s second step in its expansion into the Americas, after the signing of Havana in 2018.Under the terms of the concession agreement, the Group will use its global expertise and operating model to manage the cruise port operations in Antigua.In addition…
Ship Finance International Acquires Three Box Ships
Ship Finance International Limited said it has agreed to acquire three large containerships in combination with long term time charters.The vessels were built in 2015 with approximately 10,600 TEU carrying capacity. The company expects to take delivery of the vessels in the near term, and the purchase price is confidential.The charters will run for a period of minimum six years, with options for the charterer to extend the charters up to 10 years. There is also a purchase option with profit split at the end of the initial period.
Star Bulk Acquires 16 Ships
Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration…
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…
GOGL Sells 6 Vessels
Golden Ocean Group has announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party. The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017. Separately, the Company has agreed to take early delivery of the Golden Nimbus, a Capesize vessel under construction at New Times Shipbuilding.
WFW Advises Teekay on Major Financing Initiatives
International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital.
Moody's changes outlook on CMA CGM's B1 ratings to stable
Moody's Investors Service has today changed to stable from positive the outlook on CMA CGM S.A.'s B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. Concurrently, Moody's has affirmed the ratings assigned to the company. This follows CMA CGM's announcement of a pre-conditional voluntary general cash offer to acquire Neptune Orient Lines Limited (NOL, unrated), a Singaporean container liner, for a consideration of $2.4 billion. Temasek Holdings (Private) Limited (Aaa stable)…
Nordic Tankers joins forces with Borealis Maritime
Nordic Tankers and Borealis Maritime Ltd has announced the intention to form a jointly held company, Crystal Nordic A/S – a strong player in the short-sea, ice class chemical tanker trade in the Baltic and North-Western European market. Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names.
Sovcomflot Concludes $319 mi 10-year Loan
OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent. The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre, which will operate on long-term contracts with the Shell Group. The new high-spec Atlanticmax Ice2 (1C) class gas carriers feature a tri-fuel engine, a cargo capacity of 170,000m³ and are equipped for operating in harsh and low temperature conditions.
DSCV SBM Installer Sold to OS Installer
SBM Offshore has entered into an agreement to sell the DSCV SBM Installer, a Diving Support and Construction Vessel (DSCV), to OS Installer AS for US$150 million in cash. OS Installer AS is a newly established joint venture between Ocean Yield ASA (75%) and SBM Offshore (25%). Both parties have signed a memorandum of agreement, and SBM Offshore will charter the vessel under a long-term bareboat charter for a fixed period of 12 years. The Company will have certain options to acquire the vessel during the bareboat charter period, with the first option exercisable after five years.
Genco Names Wobensmith President
Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date. Buchanan has served as President of Genco since June 2005. "John's appointment as President represents the significant contributions he has made to Genco since joining the Company close to a decade ago as well as his deep knowledge of the drybulk industry," said Peter C. Georgiopoulos, Chairman of the Board.
SMM Finance Forum: ‘Banks are Lending Again’
For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day, the SMM Ship Finance Forum will be held for the second time in conjunction with international maritime trade fair SMM. The forum, which will answer questions revolving around financing solutions for global shipbuilding and shipping, will be subdivided into three overarching topics.
Jaccar Proposes Bid for Bourbon Shares
Bourbon has been informed of a proposed bid for its shares at a price of 24 euros per share, announced March 16, 2014 by its main shareholder, Jaccar Holdings. This offer is conditional upon obtaining 50.1% of the capital and bank financing. The offer would allow Jaccar Holdings to strengthen its position in Bourbon’s share capital and provide liquidity to shareholders. Jaccar Holdings has indicated that they do not intend to implement a squeeze-out following the completion of this offer.
SMM Hamburg Ready for a New Beginning
At the SMM Ship Finance Forum just ahead of SMM, the leading international maritime trade fair hamburg, experts will discuss the potential and prospects for new ship financing models. In spite of low newbuilding prices, the total number of ship orders is declining around the world. Financing difficulties are part of the problem, and new concepts are in demand to revitalise the market. "In ship finance we have to address two separate issues: On the one hand, we need to put the fleet in service on a more solid financial basis.
Ice-class Panamax Vessels Bargain Deal for Golden Ocean
Golden Ocean Group agrees to buy two 'resale' ice class Panamax vessel built at India's Pipavav Defence & Offshore Engineering Company. The company will take delivery of the vessels ex yard, the first vessel at the start of June and the second vessel during second half of 2013. In connection with the purchase the seller has provided a 30% seller's credit towards Golden Ocean for each vessel. The seller's credit will be repaid over three years in equal installments every January, but the first installment is at earliest 6 months after delivery of the vessel.
Greek Bulkship Owner Increases Revenue in H1 2012
Safe Bulkers, Inc. As of July 31, 2012, the Company’s current fleet was comprised of 21 drybulk vessels with an average age of 4.2 years and the Company had contracted to acquire eight newbuild drybulk vessels with deliveries scheduled at various times through 2014. Dr. Loukas Barmparis, President of the Company, said: "Charter market conditions are challenging, while bank financing is generally scarce. Our revenues in the current depressed charter market have been supported by agreements entered into during earlier periods.
Dryships Wins Offshore Drilling Deal
DryShips's (NASDAQ: DRYS) fully-owned subsidiary Ocean Rig UDW Inc. received a Letter of Award from a U.S. 2011. The contract value is approximately $135m. The contract is subject to final documentation. Mr. George Economou, Chairman and CEO of DryShips Inc. Rig UDW Inc., said: “We are pleased to secure employment for one of our first two drillships that will be delivered from Samsung during the first quarter 2011. securing bank financing on preferred terms.
TBS International's Second New Tweendecker
TBS International plc (NASDAQ: TBSI) announced that it has taken delivery of the newbuild vessel M/V Dakota Princess from China Communications Construction Company Ltd/ Nantong Yahua Shipbuilding Group Co., Ltd on March 26, 2010.The M/V Dakota Princess is the second of a series of six TBS-designed Roymar Class 34,000 dwt multipurpose tweendecker vessels that the company had ordered for a purchase price of $35.4m per vessel. Of the remaining four vessels, the company expects to take delivery of two vessels in 2010 and two in 2011.