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Credit Facility

CP Ships Closes on $525M Credit Facility

CP Ships Limited has closed on a five-year $525 million secured multicurrency revolving credit facility. The new facility, which is secured on 25 owned ships, replaces two secured revolving credit facilities, one for $175 million in place since August 2001 and one for $350 million completed in March 2002. It is available for general corporate purposes including capital expenditure and acquisitions. Pricing is linked to credit ratings. Based on CP Ships' current corporate credit ratings of BBB- from Standard & Poor's and Ba2 from Moody's Investor Services, initial borrowings will be at LIBOR+1.10% with a commitment fee of 0.44% payable on the undrawn portion. Should CP Ships draw more than half of the facility, the applicable margin will increase by 0.15%. Citigroup Capital Markets Limited, HSBC Bank plc and ING Bank NV are the mandated lead arrangers. The facility has been placed with a total of 16 banks with extensive experience of lending to the shipping industry.


Euronav to Receive $750 Million Credit Facility

The executive committee of Euronav NV announced that it has signed a new $750 million forward start senior secured credit facility led by Nordea Bank Norge ASA and DnB Nor Bank ASA acting as Lead Arranger and Bookrunners and ABN Amro Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance, Danske bank A/S, ING Belgium SA/NV, Skandinaviska Enskilda Banken AB (publ) acting as Lead Arrangers and ITF International Transport Finance AG and ScotiaBank


Horizon Offshore Completes $77M Refinancing

Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. (the CIT Group). The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and


Horizon Offshore Completes Refinancing

Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011.


Scorpio Tankers Increase Q1 2014 Dividend

Photo: Scorpio Tankers

Scorpio Tankers Inc. has reported its results for the 3 months ended March 31, 2014 including the announcement of a US$100-Million stock buyback program and a quarterly dividend for shareholders. Significant events as follows: Closed on the previously announced sales agreement of seven VLCCs under construction for a gain of $51.4 million. Took delivery of three MR tankers under the Company's Newbuilding Program, STI Texas City, in March 2014, and STI Opera and STI Duchessa


BW Offshore Completes $800m Bank Loan

Courtesy BW Offshore

  BW Offshore has signed the facility documentation for the new $800 million 10-year senior secured credit facility for the Catcher FPSO project.e facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13 leading international banks. The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore's three bond loans


Eagle Bulk Shipping to Build New Vessels

Eagle Bulk Shipping Inc., which specializes in dry bulk shipping, signed contracts with the Japanese shipyard IHI Marine United Inc. to build two new vessels for about $33.5 million apiece. Eagle expects to take delivery of the Future-56 class Supramax vessels in the first quarter of 2010. Once delivered, Eagle Bulk Shipping's fleet will number 18 vessels, and 14 of them will be Supramax class, or slightly larger than the more popular Handymax vessels used in dry bulk shipping.


CP Ships Secures Financing

CP Ships is in the process of closing a secured five year revolving credit facility. Citibank N.A. has underwritten $ 250 million of the facility, which is expected to be $350 million in total. Closing of the underwritten portion of the facility is expected by the end of the year. The facility, which has been placed with banks with extensive experience of lending to the shipping industry, will be used primarily to finance CP Ships' previously announced $800 million ship investment program


Scorpio Tankers Offers 3.5 million Shares

Scorpio Tankers Inc. (STNG) is offering a minimum of 3.5 million shares of its common stock in a registered direct placement at a price of $6.75 per share, for which Evercore Group L.L.C. and RS Platou Markets AS are acting as placement agents. The net proceeds of the offering are expected to be used to partially repay outstanding indebtedness under the Company's 2010 Revolving Credit Facility  and for general corporate purposes, including vessel acquisitions and working capital


Maersk Secures $5.1 bln Revolving Credit Facility

Danish shipping and oil group A.P. Moller-Maersk said on Wednesday it had secured a $5.1 billion revolving credit facility with a maturity of five years. "The new facility is arranged by the company itself and refinances a $6.75 billion facility maturing in 2015," A.P. Moller-Maersk said in a statement. The group received strong support from 21 banks and the facility was oversubscribed. The new facility may be extended by up to two years and will be used for general


DryShips Reports 3Q 2014 Results

Photo by DryShip

DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the


Fraud at OW Bunker's Subsidiary

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  The senior management of OW Bunker has today been informed about a fraud committed by senior employees in the Singapore-based subsidiary Dynamic Oil Trading (DOT). The case is under investigation. The extent of the fraud is not yet clear


Dryships Achieves Refinance of 5% Convertible Notes

Photo by DryShips

  DryShips Inc. global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., off-shore contract drilling oil services, today announced the following:


Sovcomflot Concludes $319 mi 10-year Loan

The fund will be used to finance  2 ice-class LNG carriers

  OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent.  The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre


Star Bulk Takes Delivery of First Capesize from JMU

Star Bulk ship: Photo credit Star Bulk

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the first of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015.


Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30, 2014 and 2013 For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0


DRYSHIPS Financial & Operating Results for 2Q, 2014

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results


GasLog Partners' First Option Vessels Acquisition for $328 mi

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  GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner and the Partnership’s majority unitholder


Odfjell Drilling in Tighter 2Q North Sea Market

DAB on sea trials: Image Odfjell Drilling

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million), a decrease of USD 17 million, or 6 %. Operating revenue decreased due to reduced engineering- and


Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million. The 2005-built vessel is expected to deliver in the fourth quarter of 2014


Star Bulk Takes Delivery of M/V Leviathan

star bulk.jpg

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan, a 182,000 dwt Capesize built by Japan Marine United (JMU).


Euronav Announces $340m Credit Facility

The executive committee of Euronav NV announced that it has signed a new $340 million senior secured credit facility led by ING Bank NV acting as sole Bookrunner and together with Citibank NA, Danish Ship Finance A/S, DnB Bank ASA and KBC Bank NV acting as Mandated Lead Arrangers whilst Belfius


Eagle Bulk Cuts Debt by 80%, Shares Skyrocket

Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14


WFW Advises ING Bank on $340m Loan Facility for Euronav

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Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m


NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.   The record date is November 7, 2014 and the payment of dividend is expected to take place on or about November 21, 2014






 
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