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Ship Finance

Ship Finance Posts Third Quarter Results

Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share Refinanced $390 million bank debt related to an ultra-deepwater drilling rig Disposal of two older VLCCs Selected key financial data: Three Months Ended:                                    Sep 30, 2013     /    Jun 30, 2013 Charter revenues(1)      $157m      /     $154m EBITDA(2)                        $121m     /      $122m Net income                      $13m       /      $25m Earnings per share        $0.14       /      $0.29 Dividends and Results for the Quarter Ended September 30, 2013


Key Maritime Insights Offered at Shanghai Forum

The International Shipping Strategic Development Forum met in Shanghai for wide-ranging discusion on the shipping industry. With high profile support from the Lord Mayor of London David Wooton who opened the forum, the event was attended by 450 and brought together some of the UK’s leading maritime professionals and China’s shipowners and charterers. Key presentations from the forum included: Economic outlook: Standard Chartered China Chief Economist Shen Lan gave a modest


Drewry Report Examines Investment in Ships

Drewry research highlights a buoyant industry but aims to prevent over-optimism by pointing to previous shipping cycles “Investment in Ships” examines the crucial factors and shipping sectors but advises caution to maintain current growth rates Drewry Shipping Consultants announced that its latest report, “Investment in Ships” is now available to purchase. This independent assessment of all the shipping markets identified that most of the world’s leading shipbuilders are in possession of


SFL Buys Two Car Carriers, Charters Them Out

Ship Finance International Limited (SFL) acquire two car carriers & both have been chartered out. The Japan-built vessels have a capacity of approximately 6,500 car equivalent units (CEU) and were built in 2005 and 2006, respectively. The vessels will be time chartered to an investment grade logistics company, publicly listed in Asia. The charter period will be five years, adding approximately $85 million to our charter backlog


Cyprus Financial Crisis: Effect on Shipping Interests

Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments


Lloyds to Sell $500m in Shipping Loans

Lloyds Banking Group has reached an agreement to sell $500 million of shipping loans from its remaining ship finance portfolio, finance and banking sources familiar with the matter said on Wednesday. Bank of America and U.S. hedge fund Davidson Kempner Capital Management were expected to buy the loans, one of the sources said. Lloyds, Bank of America and Davidson Kempner all declined to comment. (Reporting by Jonathan Saul and Matt Scuffham; Editing by Pravin


Frontline Ltd. Develops Heavy Lift Activity

In line with the strategy decided by the Board, Frontline Ltd. is currently in the process of establishing a separate entity to develop the company's heavy lift activity. Such a company will include up to six single hull Suezmax vessels. Five of these vessels are on long term leases from Ship Finance International Limited, and a deal is subject to reaching a mutually acceptable solution with Ship Finance International Limited for a purchase of these vessels


Background to Shipping Initiative Seminar Scheduled

Just three years after its introduction, the five-day Background to Shipping seminar from leading training provider Lloyd’s Maritime Academy is now established as a major foundation course for both experienced practitioners and industry newcomers. Enrolment is under way for the ninth seminar in the series, which takes place in central London from December 3-7 and, like its predecessors, is attracting staff from some of the world’s best-known shipowners, ship managers


Independent Online Shipping Exchange Launched

Shipping finance specialist Tufton Oceanic is reportedly launching an independent web-based shipping chartering exchange with a group of e-commerce and investment companies. The exchange, to be called ShipDesk, aims to become the definitive independent chartering exchange, benefiting all market participants, a spokesperson said. ShipDesk, which will go live later this year, has been developed in conjunction with U.S


Planning Starts on Shiptec China Mega-Expo

Scene at Shiptec 2012: Photo credit Shiptec

Planning now underway for the International Shipbuilding, Marine Equipment & Offshore Engineering Exhibition in Dalian, China This increasingly important event takes place between the 21 and 24 October, 2014 at the Dalian World Expo Center.. The 10 Shiptec took place at the World Expo Center towards the end of 2012 and exceeded all previous events. In total 438 companies from 21 countries took part, showcasing their latest innovations on a gross exhibition area of 23


Bulk Carrier Delivered to Uni-Asia Holdings

Uni-Asia Holdings Limited announced an update on the progress of the vessel acquisition project of Regina Bulkship S.A., a 51% owned subsidiary under Uni-Asia Shipping Limited, a wholly owned subsidiary of the company.   Regina Bulkship S.A


NewLead Holdings Company Update

  NewLead Holdings Ltd. has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments. NewLead's fleet has been entirely transformed to include younger, flexible in size


Shanghai’s Pudong Shipping Hub is Bullish

Pudong New Area Night View by Pudong New Area Government

 Shanghai’s Pudong New Area has made progress in building an international shipping center last year and the opening-up reforms in the city’s free trade zone (FTZ) have lured another six global ship management firms to dock there, reports Shanghai Daily. 


Greek Banks Mull Cutting Shipping Portfolios

Greece's leading banks are considering offloading part of their portfolios of shipping debt worth billions of dollars in a bid to shore up their capital, according to banking and ship financing sources. Greece has secured an extension to its bailout from its European partners


London Shipping Professionals Weigh in for SPNL Report

Claudio Chiste & Gustav Ellingsen

The Shipping Professional Network London (SPNL) has  released their full Future London report, an initiative that gathered the views and opinions of London’s young shipping professionals on what needs to be done for London to retain and improve its position as a global maritime capital


Korea Pledges Full Supports for Shipyards

Korean shipbuilding and offshore plant industry to get full support

  Yoon Sang-Jick, Minister of Trade, Industry, and Energy (MOTIE) of Korea, held a meeting to check pending issues faced by Korean shipbuilding and offshore plant industry at Seoul Palace Hotel recently. The meeting was intended to examine current status of overseas and home industry and


SMM Finance Forum: ‘Banks are Lending Again’

Dr. Carsten Wiebers

For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day


SSA: Marine Insurance, Finance Are Areas to Develop

Patrick Phoon (Photo: SSA)

Singapore has to further develop and strengthen the pillars of marine insurance and shipping finance if it is to be fully regarded as an influential International Maritime Centre, according to Singapore Shipping Association President Patrick Phoon.


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


First Indian Elected on WISTA Board

Indian Contingent at WISTA International

  At the 34th WISTA International AGM & Conference held in Limassol, Cyprus, Sanjam Sahi Gupta, President of WISTA India was elected to the board of WISTA International.She is the first Indian lady and the youngest to be on the board.


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

wfw logo.jpg

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


Liberia is the Flag of Choice for Greek Operators

Scott Bergeron

Liberia has become the flag of choice for Greek ship owners and operators, securing the leading position for the first time in more than forty years since the early seventies. Figures produced by the Greek publication Shipping & Finance


Ship Finance Sells Drillship to Seadrill

Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit.   Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted


Nordbank Eyes Bad Shipping Debt Deals

Image:  HSH Nordbank AG website

The world’s largest financier of ships HSH Nordbank AG wants to move forward in 2015 with the removal of bad shipping loans that racked up during a seven-year glut in the global container fleet, reports Bloomberg.   The bank plans several transactions in which external shipping


Bank of China Signs $14b Deal With China Shipping

Bank of China Tower - Image: Bank of China

Bank of China and China Shipping Group (CSG ) signed a global strategic cooperation agreement worth $14 billion (RMB90bln) in Beijing yesterday to develop cooperation opportunities worldwide, especially in the Shanghai Free Trade Zone (FTZ). 






 
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