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 (Ireland) Limited acting as Co-Arrangers and Banque LBLux S.A., KBC Bank NV and Dexia Bank Belgium SA/NV. Nordea is also the facility agent. The credit facility is comprised of a $250 million non-amortising revolving credit facility and a $500 million term loan facility. The facility will be available as from March 15, 2012 for the purpose of refinancing all remaining indebtedness under the $1.6 billion Loan Agreement dated April 13, 2005 and for Euronav’s general corporate and working capital purposes. The credit facilities have 6 years maturity as from the date of signing at a rate of LIBOR +225 bps and have the same financial covenants as the existing facilities. On the closing date, the credit facilities will be secured by 22 of the wholly-owned vessels of the company’s fleet, comprising of 1 ULCC, 7 VLCCs, 14 Suezmaxes
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
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.
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
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
Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. Highlights Q2 2016 * Revenues of $183.0 million, compared to $255
Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share, for the three months ended June 30, 2016, a 91% increase compared to $19
International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.
Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million. A statement from the company says credit facility is already operational
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis.
DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the third quarter ended September 30, 2015. Third Quarter 2015 Financial Highlights
Sovcomflot Group and Sberbank CIB have signed a 14-year $340 million credit facility agreement to finance the construction of three Arctic shuttle tankers for the Novy Port project (project operator: Gazprom eft). Novy Port is one of the largest oil and gas condensate
Hapag-Lloyd has achieved its earnings targets for 2015 and also in Q4 significantly improved its operating result (EBIT) versus prior year. Based on the preliminary unaudited figures, Hapag-Lloyd increased operating earnings before interest, taxes
Danish shipping company D/S Norden said the dry cargo market reached its lowest point last year and will not recover this year under the weight of overcapacity and the Chinese economy's transition away from an industrial economy. China's insatiable appetite for coal and iron ore that
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of US $51.8 million
Kirby Corporation has agreed to purchase the inland tank barge fleet of SEACOR Holdings Inc. from subsidiaries of Seacor for approximately $88 million in cash. The asset purchase will consist of 27 inland 30,000 barrel tank barges and 13 inland towboats, plus one 30
Swiss commodities trader Trafigura has signed a $5.1 billion European revolving credit facility aimed at financing its growing operations. Trafigura, which reported in December an annual profit of $1.1 billion as it racked up record oil trading volumes
Irish Ferries’ parent company, Irish Continental Group (ICG) has signed an agreement with German shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) to construct a new cruise ferry costing EUR 144 million (USD 161 million).
Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities. The Legacy Facility Re-financing covers eight on-the-water
Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3