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Dnb Nor News

18 Oct 2011

Addition to DnB NOR’s Asia Energy Team

Omar Sekkat has joined DnB NOR’s energy division at the bank’s Asian headquarters in Singapore. He comes to the role after transferring from DnB NOR in London. Mr Sekkat’s appointment as a Senior Vice President of the energy division at DnB NOR Asia takes immediate effect and his role is to contribute to the bank’s ongoing expansion in Asia Pacific within energy finance. look forward to working with my team to develop further the bank’s client base in Asia. Mr Sekkat has a strong track record stretching over several years at DnB NOR.

17 Oct 2011

DnB NOR’s Asia Energy Team Adds Sekkat

Omar Sekkat, DnB Senior vice President, Energy Division

Omar Sekkat has joined DnB NOR’s energy division at the bank’s Asian headquarters in Singapore. He comes to the role after transferring from DnB NOR in London. Mr Sekkat’s appointment as a Senior Vice President of the energy division at DnB NOR Asia takes immediate effect and his role is to contribute to the bank’s ongoing expansion in Asia Pacific within energy finance. Omar Sekkat said today: “It is with great anticipation that I undertake this role and I look forward to working with my team to develop further the bank’s client base in Asia.

14 Oct 2011

Diamond S Shipping Completes 30-Tanker Acquisition

Diamond S Shipping announced today that it has completed the acquisition of 30 medium-range product tankers and related charters from Cido Shipping of Hong Kong. The product tankers, built between 2007 and 2010, are under long-term charters with a number of global shipping companies, including A.P. Moeller, d'Amico, Hyundai Merchant Marine, Overseas Shipholding Group and ST Shipping. The tankers are being added to Diamond S' fleet of ten new buildings now under construction, with the first delivery scheduled for January 2012. A group of institutional investors led by WL Ross & Co. and First Reserve Corporation, and including China Investment Corporation…

29 Aug 2011

DnB NOR Global E&P Spending Report: Growth Continues

The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. The fifth annual E&P spending report covers oil and gas companies’ spending on exploration and production (E&P) based on our survey of 65 oil and gas companies worldwide…

17 Aug 2011

Odfjell: Strategic Partnership with Lindsay Goldberg

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America. Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and North America. We believe there are attractive expansion opportunities in the tank terminal sector and consider Lindsay Goldberg as a reliable long-term partner with a shared strategic view and ambition.

15 Aug 2011

Andersen to Head DnB NOR, Shanghai Branch

DnB NOR has appointed Vidar Andersen as the new head of its Shanghai branch succeeding Espen Lund who has returned to the bank’s headquarters in Oslo after an eight year stint as China country head. Vidar Andersen said today: "I am very pleased to have been given such an opportunity and I approach the task with both humility and pride. Espen Lund is taking up a position in the management team of the International Corporates and Institutions Division with a particular responsibility for customers doing business in Asia.

10 Aug 2011

DnB NOR Markets Announces New Appointments

DnB NOR Markets announces analyst appointments to its energy, offshore and maritime equity research team in Singapore. Kay Lim, CFA, has been appointed the bank’s new Head of Securities Research for Asia. Kay is also the regional offshore and yards analyst for Asia Pacific. He was recently ranked the number one stock picker for Singapore industrials sector by StarMine. Lim has more than four years' experience as a securities specialist in the offshore sector with DnB NOR Markets and had prior experience as an equity generalist with Credit Suisse focusing on the energy and materials sectors. Erik Bergöö joins the Singapore office as regional shipping analyst from the bank’s headquarters in Norway.

23 Jun 2011

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 (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.

18 May 2011

Odfjell Strategic Partnership with Lindsay Goldberg

With reference to the stock exchange announcement 13 December 2010 in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal, the Company today informs that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. The selection of Lindsay Goldberg follows a careful review and discussions with various interested parties. According to the proposed transaction…

10 May 2011

General Maritime Refinancing Initiative

General Maritime Corporation (NYSE: GMR) announced today that it has completed the syndication of an Amendment of its 2005 revolving credit facility of $550 million and $200 million payment-in-kind toggle floating rate secured notes ("Secured Notes") with Oaktree Capital Management L.P. ("Oaktree"). Together, the Secured Notes and the amended revolving credit facility are expected to enable the Company to improve its liquidity and operational flexibility, while reducing its near-term cash requirements.

09 May 2011

Scorpio Tankers $150M Credit Facility, Form F-3

Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") announced today that the Company executed a credit facility with Nordea Bank Finland plc, acting through its New York branch, DnB NOR Bank ASA, acting through its New York branch, and ABN AMRO Bank N.V. for a senior secured term loan facility of up to $150 million and filed a shelf registration with the Securities and Exchange Commission. The 2011 Credit Facility will be used to finance 50% of the two 2008 built 51,000 DWT product tankers that the Company agreed to acquire last week. The aggregate purchase price for the vessels is $70.0 million. The vessels are charter free and are scheduled to be delivered to the Company in the first half of May 2011.

06 Apr 2011

Proposed Demerger of Aker Solutions

6 April 2011 - In accordance with the strategy previously disclosed, the Board of Directors of Aker Solutions ASA ("Aker Solutions") has resolved to propose to the shareholders of Aker Solutions that Aker Solutions is to be demerged. •    The Aker Solutions group's activities relating to its EPC Centre Houston and the union construction businesses in the United States and Canada. Upon completion of the demerger, consideration shares in Kværner will be issued to the shareholders of Aker Solutions. Each share in Aker Solutions will give the right to one consideration share in Kværner.

08 Feb 2011

Ship Finance: Where is the Money?

While capital for the maritime industry remains tight, lenders insist that funding is available for well- managed public companies. At the 17th Annual Joint Shipping Conference held at the Waldorf Astoria Hotel February 8, 2011 - a conference co-sponsored by the Hellenic-American/Norwegian-American Chambers of Commerce - finance leaders addressed the question of capital availability. "There is a flight to quality," said Martin Lunder, SVP, Nordea Bank. Proof is the value of industry deals through Nordea Bank over the past three years, from $30b in 2008 to $8b in 2009 to $15b in 2010. "Existing companies with a track record have the best access today," said Ted Jadick, president & CEO, DnB Nor Markets.

18 Jan 2011

New York Shipping Conference: The New Normal

Examining key industry drivers is the focus of the 17th annual Hellenic-American and Norwegian-American Chambers of Commerce annual conference, often called the New York Shipping Conference. Entitled “Challenges & Opportunities for the Shipping Industry: Is There a New Normal?” the conference will present the macro shipping and economic overview, the impact of increasing environmental regulation on the shipping market, the availability of capital and its many forms, the growing influence of China and India on Shipping, and shipowners’ points of view. The event will be held on Tuesday, February 8th at the Waldorf-Astoria (a new venue for this event) starting at 0815 with conference registration and coffee.

11 Nov 2010

Knightsbridge Tankers Q3 2010 Results

Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average  Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.

02 Nov 2010

Concordia Maritime Finances Suezmax

Photo courtesy Cison

Concordia Maritime has now secured financing for the newly ordered Suezmax tanker Stena Supreme. The vessel, which will be built by the South Korean shipyard Samsung, is set for delivery in Q2, 2012. The financing, which will be jointly provided by the banks SEB and DnB NOR, amounts to approx. 70% of the investment and has a currency of seven years. The vessel is part of a series of seven tankers designed by Stena Bulk and ordered in March 2010. The intention is to employ the tankers on the open market via the Stena Sonangol Suezmax Pool. “Concordia Maritime is in good financial shape.

29 Oct 2010

General Maritime Q3 & Nine Months Results

General Maritime Corporation (NYSE: GMR) reported its financial results for the three and nine months ended September 30, 2010. The Company recorded a net loss of $26.0 million or $0.30 basic and $0.30 diluted loss per share for the three months ended September 30, 2010 compared to net income of $14.8 million or $0.27 basic and $0.27 diluted earnings per share for the three months ended September 30, 2009. The decrease in net income was primarily the result of a 31.9% decrease in TCE to $19,109 per day for the three months ended September 30, 2010 compared to $28,077 per day for the prior year period, as well as a $13.6 million increase in net interest expense to $21.4 million for the three months ended September 30, 2010 compared to $7.7 million for the prior year period.

29 Jul 2010

General Maritime Q2 & Six Months Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2010. The company recorded a net loss of $14.3 million or $0.25 basic and $0.25 diluted loss per share for the three months ended June 30, 2010 compared to net income of $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009. The decrease in net income was primarily the result of an 18.1% decrease in TCE to $22,633 per day for the three months ended June 30, 2010 compared to $27,649 per day for the prior year period, as well as an $11.2 million increase in net interest expense to $19.0 million for the three months ended June 30, 2010 compared to $7.8 million for the prior year period.

02 Jul 2010

The Recovery Continues: A Fearless Forecast

I hope that this headline, if you saw it, scared you as much as it did me. Although I have some confidence about the future of shipping, or I wouldn’t be here, my topic today is about forecasting. Forecasting, to the ancient Greeks and Romans, had a lot to do with omens. The ancient Greeks sought their guidance from the stars, which they believed help them predict the course of future events. The Romans, on the other hand, sought to predict the future in the flight of birds, the cackling of geese, and most famously in the examining of entrails of poultry and domestic animals. The experts who did this kind of thing were called augurs. Today, we rely on Alan Greenspan and Ben Bernanke. History, however, is on the side of the ancients.

02 Jul 2010

Rickmers ChristensFour Containerships

Photo: Rickmers

Even for Hyundai Heavy Industries (HHI), the world’s largest shipyard group, it was a remarkable occasion. In a quadruple naming ceremony at HHI’s Ulsan shipyard on July 2, Rickmers Group christened four ultra-large container ships (ULCS) of 13,100 TEU each. Each of the four ships, Pearl Rickmers, Ruby Rickmers, Aqua Rickmers and Coconee Rickmers, has a service speed of 24.3 knots. They have been chartered longterm to Maersk Line and will join Maersk’s “E-class” as Maersk Edinburgh, Maersk Emden, Maersk Eindhoven and Maersk Essen.

07 Jun 2010

Tsai Joins DnB NOR Asia in Singapore

Photo courtesy Helix Media

Teddy Tsai, an Asia shipping and transport sector analyst with more than ten years’ expertise in investment research, has joined DnB NOR Asia at the bank’s regional headquarters in Singapore. Tsai has been appointed Deputy Head of Research in Asia and comes to the bank from his role as Head of Research at CLSA Capital Partners, in Hong Kong, where he worked as part of the investment team, developing overviews of the sectors including offshore supply, product tankers, dry bulk and container shipping.

09 Apr 2010

Scorpio Tankers Completes Initial Public Offering

Scorpio Tankers Inc. (NYSE: STNG) announced that it has closed on its previously announced sale of 12,500,000 shares of common stock in its initial public offering, and received net proceeds of $149.6m, after deducting underwriters' discounts and offering expenses. The underwriters have a 30-day option that commenced on March 30, 2010, to purchase up to an additional 1,875,000 shares of common stock to cover over-allotments, if any. Morgan Stanley & Co. Incorporated and Dahlman Rose & Company, LLC are acting as joint book-running managers and representatives of the underwriters, who include Fearnley Fonds ASA, Nordea Bank Norge ASA, DnB NOR Markets, Inc. and Fortis Bank (Nederland) N.V.

22 Jun 2009

Dry Ships Signs Agreement with DnB NOR

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has signed an agreement with DnB NOR on waiver terms for $86m of our outstanding debt. George Economou, Chairman and Chief Executive Officer, said “We are pleased to have signed the agreement with DnB NOR for this facility which covers two of our drybulk vessels. We continue to deliver on the covenant waivers and assess acquisition opportunities to further grow the company”. (www.dryships.com)

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