Credit Suisse News

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful completion of the inaugural capital markets issuance of vessel asset-backed securities (ABS) by MP 2023 LLC, its controlled affiliate. This transaction was the first ABS issuance composed entirely of inland marine vessels.MP 2023 LLC issued an aggregate principal amount of $235.3 million of its MP 2023-1, Class A Notes, with a coupon of 7.167% over an expected 7-year term.

Swiss lender Credit Suisse has won a $41 million lawsuit against a member of the Saudi royal family over a loan to refinance a super yacht, with London’s High Court ruling there was no viable defense to the bank’s case.Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling.The judge had ruled in Credit Suisse’s favor without a trial at a hearing last month, at which the prince and Burgundy were unrepresented…

UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added."Our wealth management business in Greece is an integral part o

Australia's plan to control domestic natural gas prices, which producers say will deter the development of new supply, is expected to boost the prospects for proposed LNG import terminals but potentially defeat the government's aim to cut energy bills.Parliament is set to pass legislation on Thursday to cap gas prices at A$12 per gigajoule (GJ) for a year and then require a "reasonable price" for domestic sales after the cap expires.Industry players say the plan, which surprised producers…

Oslo-based shipping company MPC Container Ships ASA on Thursday announced it has appointed Moritz Fuhrmann as Chief Financial Officer (CFO) from December 1, 2022. Fuhrmann will succeed the current CFO, Dr. Benjamin Pfeifer, who has resigned his position to pursue new opportunities.Fuhrmann joins the company from London-based Hayfin Capital Management LLP, where he has served as Principal in the maritime team. Prior to that, he has worked for DVB Bank in Germany and the Netherlands…

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

Europe's race to replace Russian gas supply has threatened Australia's plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia's populous southeast in the next two years.France, Germany, and the Netherlands among others will need to import liquefied natural gas (LNG) to replace pipelined gas from Russia, which has been hit by sanctions during the Ukraine conflict.European users are grabbing floating storage and regasification units (FSRUs) needed to convert LNG to gas…

Singapore's Sembcorp Marine (Sembmarine) has agreed to a multi-billion dollar merger with Keppel Corp's larger offshore and marine unit, a year after the Temasek-backed firms began deal talks to cope with an industry downturn.The loss-making oil rig builders have been whiplashed by years of oversupply and oil price volatility as well as a drop in new orders.Such troubles have been exacerbated by the global transition towards renewable energy, consolidation at Chinese and South Korean rivals…

Maritime Partners, LLC, through its managed funds, has acquired from J. Russell Flowers, Inc. and its affiliates, a diversified portfolio of over 1,000 marine vessels operating on bareboat charter. JRF’s fleet includes a variety of towboats, tank barges, hopper barges, and deck barges.With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels with an estimated fair market value of $1.2 billion, making the firm the largest lessor of marine equipment in the United States.J. Russell Flowers, Inc.

Crowley Maritime Corporation announced it has appointed Massimo Messina as vice president, mergers and acquisitions (M&A).Based in Jacksonville, Fla., Messina will lead Crowley’s corporate expansion goals by identifying and assessing potential M&A candidates and execute transactions that align with the global enterprise’s future growth projection and endeavors across all business units.“Massimo has the vision and experience needed to source and obtain target opportunities to integrate into our business model and help keep Crowley on the cutting edge as a leader of our industry…

If suppliers in China fail to pick up freight containers to fill an order for MediaShop, Marcel Schneider gets an alert via a digital freight system, allowing the retailer to reach out and fix the problem swiftly.Before July 2020, Austria-based MediaShop’s deputy supply chain director says he would discover problems in his supply chain only when containers failed to arrive in Hamburg as scheduled.“It was like being in a tunnel where you had only a limited view of what was going on…

A Lebanese shipbuilder at the center of a $2 billion debt scandal in Mozambique said it made payments to its now-president and ruling party in 2014, but said these were legal campaign donations not bribes, according to a London court filing.Privinvest said payments made to President Filipe Nyusi in the run-up to his election and to the Frelimo party were allowed under Mozambican law, according to the Jan. 15 filing at London’s High Court.The case relates to a series of tuna fishing…

Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles…

Retired New Yorkers Mahlon and Kim Russell have taken 15 cruises over the past 15 years, visiting destinations from Tahiti to St. Petersburg, primarily with Norwegian Cruise Line.After canceling a fall trip to Europe, in July the Russells booked a 10-day cruise around Australia and New Zealand—for January 2022.“We love cruising,” said Mahlon Russell. “But we don’t love it enough to be the first ones out of the gate.”The cruise industry has been hit hard by the coronavirus pandemic…

Singapore's Temasek Holdings stepped in on Monday to support a S$2.1 billion ($1.5 billion) rights issue by Sembcorp Marine as the state investor moves to help the city-state's struggling rig-building sector.Following the deal, loss-making Sembcorp Marine, which has been hit hard by an industry downturn, plans to demerge from its parent company Sembcorp Industries."It's just the next step in Singapore's long overdue consolidation of the offshore and marine sector," said KGI Securities analyst Joel Ng.

A consortium formed by Germany’s Thyssenkrupp AG and Brazilian planemaker Embraer SA signed a deal on Thursday to deliver four frigates to Brazil’s navy between 2025 and 2028, the companies said in a statement.The contract signed in Rio de Janeiro is part of Brazil’s drive to modernize its navy so it can patrol off-shore resources in the Atlantic, such as Brazil’s vast pre-salt oil reserves.The companies did not disclose the price tag. The Brazilian navy website said the four-ship program will cost about $2 billion.Last year…

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO), a specialized…

Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions.Global shipping accounts for 2.2% of the world's CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the "Poseidon Principles"…

Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week - higher insurance bills.According to industry sources, payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly, adding hundreds of thousands of dollars to shipping costs in some cases that will ultimately…

Finnish state-owned energy company Fortum and Credit Suisse Energy Infrastructure Partners (CSEIP) have today signed an agreement whereby funds advised by CSEIP will acquire an 80% stake in Fortum’s Nordic wind portfolio.Fortum will retain a 20% minority ownership in this wind power portfolio, continue to manage the construction, and serve as long-term asset manager for the wind portfolio.The portfolio consists of the operational Nygårdsfjellet (32 MW, Norway), Ånstadblåheia (50 MW, Norway), and Solberg (76 MW, Sweden) wind parks as well as the Kalax (90 MW, Finland) wind park, which is under construction. The parties have also agreed that funds advised by CSEIP will invest in an 80% share of the Sørfjord (97 MW…

KfW IPEX-Bank, leading a consortium consisting of six international banks, is structuring the financing of two cruise ships for Genting Hong Kong Ltd. and its brand Dream Cruises.The Global Class I and II ships are currently being built in the three shipyards of MV Werften located on the Baltic Coast in the German federal state of Mecklenburg-Western Pomerania.The financing package comprises around EUR 2.6 billion with a total investment volume of just under EUR 3.1 billion.The structure will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania.

Royal Dutch Shell said on Wednesday it has begun output at its Prelude floating liquefied natural gas (FLNG) facility in Australia, the world's largest floating production structure and the last of a wave of eight LNG projects built in the country over the last decade.Though the project started up later and cost more than originally estimated, it is expected to further cement Australia's lead as the world's biggest LNG exporter, after the country took the crown in November.In a statement…