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Thursday, November 26, 2020

Credit Agricole News

In May, the MV Barracuda made the first switch from dry cargo to jet fuel . (Photo: KCC)

Klaveness Lines Up Sustainability-linked Newbuild Financing

Norwegian shipping company Klaveness Combination Carriers (KCC) said it has secured a $60 million sustainability-linked term loan and revolving credit facility for the financing of the seventh and eighth CLEANBU vessels with delivery in 2021, reportedly a first within the maritime industry. Nordea is acting as coordinator and bookrunner and Credit Agricole CIB as sustainability agent.The credit margin will be adjusted, up or down, based on KCC’s sustainability performance, as…

(File photo: DP World)

DP World Launches $9 Billion Financing

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

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…

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…

© 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…

Nikolai Kolesnikov Senior EVP & CFO PAO Sovcomflot

SCF Inks Deal to Finance LNG Carrier

Sovcomflot concludes USD 149 million project credit facility for up to 10 years with three leading European banks.Sovcomflot (SCF Group) is pleased to announce that it has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank N.V.; KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.The funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.

Global Ship Lease Merges with Poseidon Containers

Global Ship Lease, Inc., Poseidon Containers Holdings LLC and K&T Marine LLC has announced that they have entered into a definitive merger agreement for a stock-for-stock transaction representing a total transaction value of over $780 million on an asset value basis to create a leading containership charter owner focused on mid-sized and smaller vessels. The combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, an average fleet age weighted by TEU of 10.7 years…

Capital Product Partners Buys Aframax

Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.

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.

Navig8 Product Tankers Expands Fleet

Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, has taken delivery of one LR1 74,000 DWT product tanker, the Navig8 Expedite, from STX Offshore & Shipbuilding Co, Ltd. The vessel will be entered into and operated in the LR8 commercial pool operated by the Navig8 Group. Thus far the Company has taken delivery of three LR1 and two LR2 product tankers newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.

Epic Gas Secured Credit Facility for 7 Newbuilds

Epic Gas Ltd has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction. The facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with Coordinator, Agent and Book running Mandated Lead Arranger ABN AMRO Bank N.V. Credit Agricole Corporate and Investment Bank and NIBC Bank N.V. also joined the facility as Book running Mandated Lead Arrangers.

Poseidon Containers Launches IPO

Poseidon Containers Holdings Corp. announced today the commencement of its initial public offering (IPO) of 15,380,000 common shares. The company said it will grant the underwriters a 30-day option to purchase up to 2,307,000 additional common shares. The estimated price range for the offering is $14 to $16 per common share. The company expects to use the net proceeds of the offering to fund a portion of the contracted purchase price of four containerships that it has agreed to…

Photo: CMA CGM

China Posts Record Trade Surplus

China's buoyant exports pushed its trade surplus to a record in July, fuelling optimism global demand will help counter pressure on the domestic economy from a weakening property sector. While manufacturing appears to have picked up in the world's second-largest economy, unexpected weakness in the services sector this week has renewed concerns about the growth outlook. The weak housing market remains China's biggest risk, posing a drag on the broader economy and investor confidence.

Photo courtesy of Transocean Partners

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.

Partners Sign Up for Marseilles Intermodal Project

Six partners led by the Marseilles Fos port authority have formed the Mourepiane combined transport terminal company (MTTC) to help finance and manage construction of the port’s long-planned intermodal upgrade development in the Marseilles harbor area. The €60.5 million project will create a high-performance base improving links and pre/post-dispatch handling between Mourepiane container terminal and the adjacent railhead. The new facility will also serve other Marseilles quays, with their current multimodal site at Canet being transferred to the Euromediterranee urban renewal scheme.

Scorpio Tankers Sell One Accept New One

Scorpio Tankers Inc. announce sale of the 'STI Diamond', accept delivery of newbuild 'STI Topaz'. The Company completed the sale of the 'STI Diamond' and sale of a second vessel, the STI Coral, is expected to be completed in September 2012. Scorpio took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under its newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16,200 per day plus an adjustment based on the fuel consumption.

Teekay to Offer 15m Shares

Teekay Tankers Ltd. (NYSE:TNK) announced today that it plans to offer 15,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of Class A common stock to cover any over-allotments. The Company expects to use the net offering proceeds to repay a portion of its outstanding debt under its revolving credit facility. Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Erik Borgen (centre) with DNB and HMM officials at the signing ceremony at Marina Bay Sands, Singapore.

HMMarine Secures Debt Facility

Hyundai Merchant Marine Secures US$500 million debt facility from banks led by DNB. South Korean shipping group Hyundai Merchant Marine (HMM) has secured a USD500 million debt facility from a syndicate of financial institutions led by DNB Bank. A signing ceremony to close the facility was held at Marina Bay Sands in Singapore. The facility will be used by HMM to fund the construction of five mega container vessels being built at Daewoo Shipbuilding & Marine Engineering which are scheduled to be delivered throughout 2014.

Scorpio Tankers Announces Financing for Four Ships

Scorpio Tankers Inc. signed a committed term sheet for a $92m credit facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB to partially finance four of the five newbuilding 52,000 DWT product tankers (MRs) that the Company has contracted to be built at the Hyundai Mipo Dockyard in South Korea. The Company also announced amendments to the financial covenants in its existing credit facilities. Emanuele Lauro, CEO of Scorpio Tankers, commented, "We are pleased to have two additional strong international commercial banks as part of our banking group.

Marco Polo Seatrade Receives Court Approval

Marco Polo Seatrade receives court approval to continue to use revenues in the business. The Marco Polo Seatrade group of companies that filed for Chapter 11 on 29th July 2011 has taken a significant step forward in the US Chapter 11 restructuring process. The New York Court supervising the reorganisation of  Marco Polo approved on 31st August 2011 the continued use by the company of the cash collateral, meaning the revenues deriving from the day to day employment of its fleet, for the duration of the Chapter 11 cases.