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Sunday, February 23, 2020

Bank Of America News

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Fuel Futures: Diesel Will Spike on IMO2020

New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.

File Image (CREDIT: AdobeStock / © Nightman1965)

China Blames U.S. for "largest-scale trade war"

China says forced to respond to U.S. tariffs. The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict. Hours before Washington's deadline for the tariffs to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.

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.

(File photo: Maersk Line)

Maersk Wants Trade Finance Role

Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels.

Commodity Traders, Banks Face Hard Realities with Blockchain

Alistair Cross was flying high after showing in a pilot project how blockchain - the technology first developed for the crypto-currency bitcoin - could transform the old-fashioned and secretive world of commodity trading. But since the pilot ran early this year, Cross and his rivals have hit some hard realities as they try to propel their industry into the digital age at last. Word spread fast through the business when Mercuria, the Swiss-based commodities house where Cross is head of operations, successfully tested an oil trade.

Carlos Torres de Navarra (Photo: FCCA)

FCCA Operations Committee Names New Chairman

The Florida-Caribbean Cruise Association (FCCA) announced the appointment of the new FCCA Operations Committee Chairman, Carlos Torres de Navarra, vice president of strategic and commercial port development, Carnival Cruise Line, effective January 1, 2017. Torres de Navarra oversees the strategic planning and execution with respect to port development and port-related commercial agreements. He also works with Carnival Corporation brands and destination stakeholders to optimize port strategies, and agreements as well as planning long-term strategies across regions.

Hardin Bethea (Photo: Blackhill Partners)

Bethea Appointed Director at Blackhill Partners

Investment bank Blackhill Partners has appointed Hardin Bethea as a Director. “We have known and worked with Hardin Bethea for nearly a decade and in 2014 closed a $500 million dry bulk financing with Hardin serving in the lead role,” said Jeff Jones, Managing Director of Blackhill Partners. With more than 18 years of experience in investment banking, investment management and corporate finance, Bethea has extensive experience in the maritime and seaborne trade industry. He has invested in and advised shipping companies for more than 14 years…

Photo: United Arab Shipping Co

UASC to Sell Chemical Tanker Unit

United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals  as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m, but deliberations are ongoing. Bank of America Corp has been tasked with finding buyers for the holding, says the report. The company held 95 percent of UACC according to the chemical shipping firm’s 2012 financial report, the most recent one available on the company’s website.

Photo Nordic Bulk Carriers

Bulk shippers hit by perfect storm as global economic doldrums take toll

Off the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships that normally carry hundreds of thousands of tons of coal or iron ore lie idle near one of the world's busiest sea routes. These empty vessels paint a grim picture for the dry bulk shipping business that veterans of the industry say is grappling with an unprecedented crisis of too many ships and not enough cargoes. The hollow boats underscore the global economic doldrums that policymakers are struggling to overcome. "This is the worst we have seen in recent times.

Photo: ZIM Integrated Shipping Services Ltd

Zim plans Wall Street IPO

Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO, according to two people with knowledge of the matter, says the report. The IPO is planned for the first half of 2016. The shipping company, controlled by billionaire Idan Ofer’s Kenon Holdings Ltd., is planning to list shares by the first half of next year…

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's senior secured debt and increased credit availability. -- Extends the maturity of the senior secured debt facility through September 2019. "We are pleased to consummate the refinancing of our senior secured debt facility," commented Joseph McHugh, Chief Financial Officer of Rand. McHugh also said that since December 31…

Investor Day in Hong Kong courtesy Gazprom

Gazprom holds First Investor Day in Asia

Gazprom held the 10th annual Investor Day for the first time in the Asia-Pacific Region – in Hong Kong (February 3) and Singapore (February 5). Taking part in the events were Andrey Kruglov and Alexander Medvedev, Deputy Chairmen of the Gazprom Management Committee; Dmitry Lyugai and Vsevolod Cherepanov, Members of the Gazprom Management Committee as well as heads of the Company’s specialized structural units and subsidiaries. The events were met with great interest by the investment community.

Charles O. Holliday

Shell Board Appoints Holliday as Chairman

Royal Dutch Shell plc’s board of directors has appointed Charles O. Holliday as chairman with effect from the conclusion of the 2015 Annual General Meeting (AGM), subject to his reappointment as a director of the company by shareholders at the AGM. Holliday will succeed Jorma Ollila who will step down from the board after having served as chairman for nine years. Holliday was appointed as the company’s nonexecutive director in September 2010, and is currently chairman of the corporate and social responsibility committee and member of the remuneration committee.

The $2.7 million environmentally friendly research vessel, Spirit of the Sound (Photo courtesy of the Maritime Aquarium at Norwalk)

‘Green’ Hybrid-powered Research Vessel Christened

The Maritime Aquarium at Norwalk christened a larger, “greener” new research vessel on Friday, September 26 in preparation for launching a new era in examining, monitoring and teaching about Long Island Sound. The $2.7 million environmentally friendly research vessel, Spirit of the Sound, was christened and officially named during a ceremony at the Aquarium dock. Breaking a bottle on her hull was godmother of the boat, Astrid Heidenreich of Greenwich. The boat will reportedly be the first research vessel in the U.S. running on hybrid-electric propulsion.

POSH seeks up to $334M in IPO

PACC Offshore Services Holdings (POSH) is looking to raise between $304 million and $334 million in a Singapore listing, according to a term sheet seen by Reuters. POSH, which is part of the empire of Malaysia's richest man, Robert Kuok, operates a fleet serving offshore oilfields in Asia, Africa and Latin America. The company is also reserving the right to issue additional shares worth up to $46 million under a greenshoe option, meaning the total amount raised could be as much as $380 million.

Riding the Wave

Harvey Gulf International Marine leads the charge to recapitalize offshore support assets. Where will it lead next? In the midst of a red hot offshore boom, one that arguably has its epicenter squarely in the middle of the Gulf of Mexico, everyone seems to be busy: shipbuilders, operators, OEM vendors – everyone. Scores of new offshore assets are on the way. As it unfolds, three U.S.-based offshore support providers are pouring hundreds of millions of dollars into fleet and infrastructure renewals.

Alexander & Baldwin Finalizes Financing

New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX)  ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B").

TBS to Deleverage Balance Sheet; Refresh Fleet

TBS International plc (NASDAQ: TBSI) has reached agreements with its bank lenders on terms to reduce its leverage and refresh its fleet. As part of these agreements, TBS and the syndicates led by Bank of America and DVB Group Merchant Bank have agreed on terms to restructure outstanding indebtedness that contemplate exchanging existing senior debt for new senior debt and equity and the refreshing of the TBS fleet by long-term charters of modern tweendeckers and bulk carriers.