Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party. We expect the vessel to cease operating as a conventional tanker and the charter with Ship Finance is expected to terminate in the second quarter of 2016. Frontline has agreed a compensation payment to Ship Finance of approximately $0.4 million for the termination of the current charter. Following this termination, the number of vessels on charter from Ship Finance will be reduced to 13 vessels, including 11 VLCCs and two Suezmax tankers.
Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel
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
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
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:
Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13
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
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
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 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
BIMCO President and Chairman of Louis Dreyfus Armateurs, Philippe Louis-Dreyfus opened the Armateurs de France and BIMCO event in Paris on 14 June 2016. The purpose of the event was to provide an overview of BIMCO’s main activities and explain the ongoing work on some high profile
The Royal Bank of Scotland has received bids for its Greek shipping finance business which is worth about $3 billion as it looks to scale down on non-core activities, banking and financial sources familiar with the matter told Reuters.
European Central Bank (ECB) kicked off a review into the risks of banks’ shipping exposure, Reuters reported. ECB is conducting an in-depth review of banks’ exposure in shipping amid rising provisions for bad debt in an industry still mired in crisis.
The Royal Bank of Scotland has received bids for its Greek ship finance business, banking and financial sources familiar with the matter said, following a leap in bad shipping debts at the lender over the past few months. They told Reuters that the operation was worth about $3 billion although
Ship Finance International Limited (SFL), announced today that it has agreed to build two 114,000 dwt LR2 oil product carriers at a shipyard in Korea. The vessels are scheduled to be delivered during the second half of 2017 and will thereafter commence long term time-charters to a US based
Evergas’ latest addition to its fleet, the 4 th ‘dragon class’ 27.500 cbm multigas LNG carrier in a series of eight was successfully named today the 28th of January, at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China.
German bank NordLB and two partners have formed a joint venture that will specialise in advising on the restructuring of non-performing ship loans, the state-backed lender said on Monday. The shipping industry has been stuck in a multi-year slump brought about by global economic weakness
Germany's shipping lenders are preparing for sustained pain as weakening trade and an over-supply of ships show no signs of easing, industry officials said. Europe's biggest economy was one of the world's main centres of global ship finance before the 2008 credit crisis and the five most
The Hong Kong Shipping Register has crossed of 100 million gross tonnage, informed the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung. To Hong Kong, it’s more than a vote of confidence, Anthony said
Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior secured rating of Silk Bidco AS (Hurtigruten), the full owner of Norwegian cruise operator Hurtigruten ASA
Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party. Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline
German state-backed lender NordLB now expects to report a loss in 2016 after non-performing loans in shipping, where it is one of the world's top lenders, helped push it into the red in the first quarter. The results at NordLB, which previously said it expected an earnings decline this year but
United Arab Shipping Company (UASC) announced the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation
Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks, says Fitch Ratings. Planned disposals
The European Central Bank has urged German state-owned lender Bremer Landesbank to shore up its capital resources against non-performing loans in shipping, three sources familiar with the matter said. Bremer (BLB) needs another 700 million euros ($800 million) in equity