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.
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, 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, 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 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 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 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 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 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
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
Baltic Trading Limited, a Marshall Islands company formed by Genco Shipping & Trading Limited, reported a loss of $42.4 million in its first quarter. The New York-based shipping company focused on the drybulk industry spot market said it had a loss of 75 cents per share
Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an
Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase of up to two very large crude carriers. Apart from financing the purchase of up to two VLCCs from Navios
Wärtsilä completes acquisition of L-3 Marine Systems International Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems International (MSI) has been finalized and control of the company will be transferred to
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:
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
GasLog Ltd. has entered into an agreement with Methane Services Ltd. an affiliate of BG Group, to acquire two modern tri-fuel diesel electric LNG carriers for a cost of $460 million. The two vessels, Methane Becki Anne and Methane Julia Louise
Port authorities in the West African states must act together to explore the full potential of the region's maritime industry to enable them compete in the global economy, Richard Anamoo, Director-General of the Ghana Ports and Harbours Authority (GPHA), has said.
Second sale-and-leaseback agreement provides immediately accretive earnings growth; acquisition expected to generate annual EBITDA of approximately $9.4 million Global Ship Lease, Inc. (GSL) has agreed to acquire an 8,063 TEU containership from a leading container liner company for a
Hafnia Tankers Ltd have entered into an agreement to acquire 4 LR1 product tankers. This acquisition confirms the commitment of Hafnia Tankers and its stakeholders to further expand the business within the product tanker segment. The vessels are:
Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party
BW LPG Limited exercises purchase option over Very Large Gas Carrier Vermilion First. The VLGC Vermilion First has been on a time charter with BW LPG since the acquisition of the charter from AP Moller-Maersk in 2013. The Vermilion First was built in 2010 at Mitsubishi Heavy Industries
GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014. This transaction completes the third acquisition of ships from BG by GasLog in the last twelve months
BW LPG Limited has entered yesterday into ship building contracts for four Very Large Gas Carrier (VLGC) newbuildings with Daewoo Shipbuilding and Marine Engineering (DSME). Previously reserved [by DSME’s existing client], these vessels are to be delivered in the third and fourth
Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility. The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay