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Sunday, January 17, 2021

Danish Ship Finance News

© Alexey Lesik / Adobe Stock

Ship Finance Lenders Fall Short of Sector's Carbon Targets

Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles…

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…

S&P Revises Danish Ship Finance Outlook

The global provider of benchmarks and investible indices, Standard & Poor’s (S&P) has affirmed the ‘BBB+’ Issuer Credit Rating on Danish Ship Finance and revised the outlook to ‘Stable’ from ’Negative’." We are revising our outlook on Danmarks Skibskredit to stable from negative and affirming the 'BBB+/A-2' issuer credit ratings," it said.S&P justifies the revision with the company’s reduction in nonperforming exposures and robust capitalization and liquidity, which would reduce…

© 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…

Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers

Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…

Frank Coles (Photo: Transas)

Transas Conference to Plot Industry’s New Course

Moving from smart talk to practical solutions and learning from other industries will be the twin themes of an industry event scheduled for Vancouver in March. Technology will be an enabler, but the maritime industry will have to be prepared to change its model to be a candidate for a smarter digital future. Meeting the real enterprise challenges blocking shipping’s digital journey is the focus for the Transas Global Conference 2018, whose ‘Enterprise Change’ agenda brings together global business leaders…

TORM Updates Fleet Status

Denmark-based shipping company TORM sold three vessels: TORM Anne (1999-built MR vessel), TORM Madison and TORM Trinity (both 2000-built Handysize vessels) during the first six months of 2017. Furthermore, TORM completed sale and leaseback transactions for three vessels: TORM Helene, TORM Mary and TORM Vita. The three sale and leaseback transactions are treated as financial leases but have no purchase obligation attached. Following the balance sheet date, TORM has completed two transactions to purchase a total of six MR resale vessels for a total consideration of USD 185m.

Safe Bulkers Agrees to Amend Term Loan Facility

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has announced  that the company has agreed with Danish Ship Finance, to amend certain financial covenants and terms to its existing credit facility with an outstanding balance of US $40.0 million. The total consolidated liabilities of the company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% from 2018 onwards. The ratio of the company’s EBITDA1 to its interest expense must be not less than 2.0:1 on a trailing 12 month basis…

United Shipping & Trading Co Ltd. headquartered in Middelfart.

USTC Companies Announce New Board of Directors

Experienced shipping and finance professionals in new board for USTC companies. One of the biggest and fastest expanding companies in Denmark, A/S United Shipping & Trading Co Ltd. headquartered in Middelfart, is strengthening its organization with a new board of directors who will also take up positions in its subsidiaries Bunker Holding A/S and Uni-Tankers A/S. The composition of the board aims to encompass the expertise required to enable the parent company and its two shipping related subsidiaries to further develop in a difficult market.