Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…
Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring
Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…
$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…
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.
BIMCO Adopts Ship Financing Term Sheet
In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016. BIMCO President Philippe Louis-Dreyfus said, “I am particularly pleased to see BIMCO taking this important step. BIMCO is the world leader in the production of standard contracts and clauses for the maritime industry. It is only natural that its documentary activities also cover ship financing – an issue which has become increasingly important and challenging over the years…
ICTSI Australia Secures AUD398 Mln Loan
On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years.
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.
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.
Dorian LPG Lands Debt Financing for Newbuilding Program
Dorian LPG Ltd. a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), today announced that is has received commitments for up to $761 million of debt financing for its VLGC newbuilding program. ABN AMRO Capital (USA), LLC ("ABN AMRO") is acting as Global Coordinator, and Citibank, NA, London Branch ("Citibank") is acting as Export Credit Agency Coordinator. The financing has four separate tranches. $250 million of commercial debt financing is being provided by ABN AMRO; ING Bank N.V., London branch ("ING"); DVB Bank S.E.
Oil Rebounds Towards $109
Oil rebounded towards $109 a barrel on Tuesday a day after prospects of a return of Libyan supply prompted its biggest daily fall in nearly a month although investors showed muted response to more U.S. sanctions on Russia. Libya's National Oil Corp (NOC) said on Monday it planned to lift force majeure from the eastern oil port of Zueitina, offering hope of a restart to exports at a second port after a deal with rebels. June Brent crude were up 41 cents to $108.53 a barrel by 0759 GMT after a 1.4 percent drop on Monday. U.S.
Pacific Drilling Gets Funding for Two Drillships
Pacific Drilling S.A. sign a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav & Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding will be provided before delivery of the vessels, with all drawdowns from the facility subject to satisfaction of customary conditions precedent. The transaction was led and structured by Citibank and DNB…
Joe Pitch Joins Marine-Finance.Com
Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group. Pitch is a 30-year veteran of the equipment leasing/finance industry he has financed more than $1b in equipment. Based in Dallas, Texas, Pitch is a graduate of Seton Hall University with a Bachelor of Business Administration with a concentration in Finance.
Conover Voted WISTA Personality of the Year
Pamela C. Conover, who has taken leadership roles at three major cruise lines, has been voted Personality of the Year 2009 by the Women’s International Shipping & Trading Association. The decision was announced at the 2009 conference of WISTA, taking place at IMO headquarters in London from September 16-18. Pam Conover is president and chief executive of Seabourn Cruise Line, a luxury cruise subsidiary of the Carnival group. The special WISTA accolade recognises an outstanding personal contribution to the maritime industry.
Two Named 2012 IYC Yacht, Charter Brokers of the Year
International Yacht Collection (IYC) is pleased to announce that Mark Elliott and Barbara Stork Landeweer are the company’s 2012 Yacht and Charter Brokers of Year respectively. Based on their extraordinary contributions to their clients and IYC, both helped families and friends enjoy ownership and destination travel and facilitated IYC’s hold on market share in the global superyacht economy. Notably, this is Barbara’s second consecutive year as IYC Charter Broker of the Year and Mark’s sixth time being so honored.