28695 members and growing – the largest networking group in the maritime industry!

LoginJoin

Sunday, September 22, 2019

Bank Loans News

Image:  Hanjin Heavy Industries and Construction

Chinese Eye Philippines Hanjin Shipyard

Two Chinese shipbuilding companies have expressed intent to invest in the largest Philippine shipyard, debt-riddled Hanjin Heavy Industries and Construction Philippines, the Department of Trade Industry (DTI) said.Drowning in debt,  the Philippine business of the Hanjin Group of South Korea, has asked the government for help in search of an investor who would take over the business and save the troubled shipbuilder.Philippines Rodrigo Duterte administration has stepped in to help save the troubled investor in Subic.According to local media reports…

Image: Ørsted

Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm

Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.

© chungking / Adobe Stock

US Tariffs Loom at China's Biggest Trade Fair

Amid gathering gloom over the state of the Chinese economy, exporters of motorcycles, tractors, photocopiers and Christmas tree lighting will join thousands of other companies peddling their wares at China's largest trade fair Monday.Many of those exporters will have something in common - uncertainty over future U.S. orders as a trade war with the United States rages. The turmoil has added to concerns over the health of the Chinese economy, already under pressure from a cooling property market…

© 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

Photo: Noble Group

Noble Group Sells Four Vessels to Cut Debt

Hong Kong-based struggling commodity trader Noble Group will sell four dry bulk carrier vessels for about $95 million, as it looks to cut debt to keep its business running, reports Reuters. According to company statement, net proceeds from the disposal, following repayment of bank loans associated with the ships and other costs, will amount to about $30 million. Noble said the sale of the vessels was expected to close next year between March 10 and May 31 and would not significantly impact the operations of the freight business.

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

Korea Bank Puts 10 Hanjin Vessels Up for Sale

Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, reports Yonhap. According to the sources, potential buyers are required to submit their bids for the ships — two container ships and eight bulk carriers — by Feb. 21. Previously a South Korean court agreed to formally end Hanjin Shipping Co Ltd’s court receivership process after a two week appeal period, ending the business.

Rickmers Group Revenue Slides in First Half of 2016

In the first half of 2016 the Rickmers Group generated consolidated revenues of €249.3 million ($279 mln), 13.9 percent lower than in the corresponding period in 2015 (€289.6 million, $324 mln). The main underlying factors are the persistently strained market situation, expiring high-margin charter contracts, follow-on charters at the prevalent low market rates, lower freight earnings, and a sharper decline in capacity utilization in the project cargo business. The Group’s operating result before interest…

Courtesy ST Engineering

ST Engineering Injects $66m into VT Systems

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans. This brings ST Engineering’s total investment in VT Systems to US$343.96m (approximately S$464m). Following the capital injection above, VT Systems has capitalised its outstanding loan balance of US$35.28m (approximately S$47m) and US$33.08m (approximately S$44m) in its subsidiaries, Vision Technologies Kinetics, Inc.

Image: PT. Pelabuhan Indonesia II

Indonesia Plans to Build 22 Ports

Indonesia Port Corporations (IPC) or PT Pelabuhan Indonesia (Pelindo) II, Indonesia’s state-owned port operator is to build 22 ports in the country in the next five years for an anticipated cost of around $3.5 billion. “We are targeting to build 22 ports from Belawan to Sorong within five years,” Pelindo II chief executive Richard Joost Lino said. The Indonesian port projects are to be financed by cash and loans and once completed each will have a capacity of 2.5 million TEUs.

Polar Duke. Photo: GC Rieber Shipping ASA

Rieber Amends Dolphin Deal

Norwegian shipping company GC Rieber Shipping ASA has entered into an agreement with Dolphin Geophysical to increase Dolphins competitiveness in a challenging market. Rieber has agreed to take early redelivery of the survey vessel Polar Duke from Dolphin  as part of an overall restructuring agreement. The deal will reduce $16million of hire payments for GC Rieber. Together with Dolphin’s improved terms of bank loans and reduced charter rates on Dolphin’s vessels from fellow Norwegian shipping firm Sanco, the deal will significantly improve Dolphin’s costbase.

Euronav secures $750m bank loan

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as Mandated Lead Arrangers and Bookrunners and Crédit Agricole Corporate and Investment Bank acting as Lead Arranger whilst KBC Bank NV, Scotiabank Europe plc and Société Générale acting as Co-Arrangers.

 Image: Sainty Marine

Sainty Marine in Troubles Waters

Financially troubled Chinese shipbuilder Sainty Marine has announced Bank of China and China Exim Bank have frozen its bank accounts. Shenzhen-listed Sainty Marine has also announced that it has reached an agreement with Dutch ship investment firm, Universal Marine, for the cancellation of four 2,350teu containerships. Universal Marine ordered the vessels at Sainty Marine in March 2014, however, it has been unable to secure the financing to start the newbuilding project, which has led to the cancellation of the vessels. No compensation is involved in the agreement.

Sue Bill

Moore Stephens to Make Representation on Tonnage Tax Changes

International accountant and shipping consultant Moore Stephens is to make representation to Her Majesty’s Revenue & Customs in connection with recently issued draft revised guidance in respect of the U.K. tonnage tax regime, some of which it considers to be unhelpful. Moore Stephens tax partner Sue Bill said, “None of the changes are fundamental. Indeed, some of them are helpful, for example the revised comments regarding the circumstances in which a tonnage tax company is regarded…

Chairman & CFO: Image courtesy of Rickmers Maritime

A Container Ship Owner Who Got 2012 Right

"As we close the 2012 books, we have every reason to be satisfied with the Trust’s positive results," says Rickmers chairman. Extracts from chairman, Bertram R.C. The business performed well operationally, with all sixteen [container] vessels generating strong revenues. Rickmers Maritime, being specifically structured around long-term fixed-rate time charter contracts, is largely insulated from the renewed pressure on time charter rates. The challenges to our industry are by no means over.

Well Boat: Image credit Zamakona Yards

Wellboat Order for Spain Shipyard

Sølvtrans has signed a contract with  Zamakona Yards for the construction of another well-boat (live-fish carrier). Delivery is scheduled to early 2014. The vessel is a sister ship of Rojna Polaris, currently under construction at Zamakona Yards, and in addition, Solvtrans has entered an option for two additional vessels with delivery in second half of 2014 and first half of 2015. The investment, amounting to some NOK 250 million (€ 22 million) per vessel, will be funded through a combination of internal means and bank loans.

Sølvtrans Orders Ship from Spanish Shipyard

Sølvtrans has signed a new contract with the Spanish shipyard Zamakona Yards for the construction of a new 3,200 cu. m. well-boat. Delivery is scheduled to early 2014. The vessel is a sister ship of Rojna Polaris, currently under construction at Zamakona Yards. Further, the company has entered an option for two additional vessels with delivery in second half of 2014 and first half of 2015. The investment, amounting to some NOK 250 million (€ 22 million) per vessel, will be funded through a combination of internal means and bank loans.

'Oranda 1': Photo courtesy of Otto Marine

Offshore Work Maintenance Ship Sold, Chartered Back by Otto Marine

Singapore-based Otto Marine sells Work Maintenance Vessel 'Oranda 1' for US$38.0-million, simultaneously bareboat-chartered back for GofM work. The sales transaction sets to improve the Group’s cash flow and balance sheet. Oranda 1, of LOA 75 m  is an ABS-classed 4,200bhp Work Maintenance Vessel that has completed 4 projects in South East Asia since May 2010. Contemporaneous with the sales transaction, the Group’s subsidiary, Karp Marine Limited, has bareboat chartered back the vessel for a period of 5 years.

MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. When raising funds to bolster business activities, MOL has been focusing on stability of fund procurement and cost competitiveness. Additionally, considering unpredictable financial market conditions since the “Lehman Shock” in 2008…