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04 Jan 2022

Pyxis Sells Two Small Product Tankers

Pure play product tanker company Pyxis Tankers on Tuesday announced that it has agreed to sell the Northsea Alpha and Northsea Beta, two 2010 built 8,600 dwt product tankers for an aggregate sale price of $8.9 million.Completion of the vessel sales, which are subject to customary closing conditions, should occur between late January, 2022 and late February, 2022. After the repayment of the outstanding indebtedness securing these vessels and the payment of various transaction costs, the company expects to receive aggregate net cash proceeds of approximately $2.8 million, which would be used for working capital purposes. For the fiscal year ended December 31…

09 Apr 2021

Hagland Orders Bulker Pair at Royal Bodewes

(Image: Hagland Shipping)

Norwegian shipowner Hagland Shipping said it has ordered two 5,000 DWT self-discharging bulk carriers from Dutch shipyard Royal Bodewes for scheduled delivery in the first half of 2023. Hagland, which has options for two additional vessels, said it will pay about NOK 280 million ($32.9 million) for the initial pair.The IMO Tier III-compliant newbuilds will be equipped with plug-in battery hybrid solutions enabling zero emissions operations at harbor and significantly reduced emissions during sailing, the shipowner said.

05 Feb 2021

d’Amico Options to Buy Back Leased MR Tanker

Tanker shipping company d’Amico International Shipping S.A. (DIS) said it has exercised its purchase option on the High Priority, a 46,847 dwt MR product tanker vessel it sold and leased back in 2017, for a consideration of $9.7 millionThe vessel, built in 2005 by Japanese shipyard Nakai Zosen, sold and leased back by DIS operating subsidiary d’Amico Tankers D.A.C. (Ireland) (d’Amico Tankers) in 2017, for a five-year period, with purchase options starting from the second anniversary date and a purchase obligation at the end of the fifth year.Paolo d’Amico, DIS chairman and CEO, said, the deal is "fully in line with our strategy of deleveraging DIS’ balance sheet and reducing its financial break-even."He continued…

02 Nov 2020

US Sanctions: Spotlight on Russia

© Mikhail Perfilov / Adobe Stock

This article will focus on U.S. sanctions on Russia/Ukraine. The Russia/Ukraine sanctions program is a complex mix of comprehensive, noncomprehensive and “sectoral” sanctions. It includes both primary sanctions aimed at U.S. persons and secondary sanctions aimed at non-U.S. persons. It encompasses broad sectors of the Russian economy and significant dealings with sanctioned individuals and entities, while generally permitting most transactions with Russia. Accordingly, it stands alone in U.S.

20 Nov 2019

Flex LNG Swings to Profit, Adds to Fleet

Norwegian LNG carrier owner Flex LNG posted a net income of USD 0.5 million for the third quarter of this year, compared to a net loss of $3.9 million for the second quarter 2019.It  reported revenues of $29.8 million for the third quarter 2019, compared to $19.0 million for the second quarter 2019.Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “In line with our expectations, the freight market has become increasingly tighter in the second half of 2019 resulting in much more favorable market conditions despite low gas prices. Flex LNG has been very well positioned for the stronger market with ships available in the spot market…

26 Mar 2019

DIS Enters into Sale and Leaseback Deal

Italy’s d’Amico International Shipping (DIS) said that its Ireland-based subsidiary d’Amico Tankers has signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of  MT High Voyager for a consideration of US$ 25.7 million.MT High Voyager is a 45,999 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea.According to a press release from the global operator in bulk carriers and product/chemical tankers markets, this transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 9.6 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan…

19 Mar 2019

Navig8 in Sale, Leaseback Pact with China Bank

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers  were $94,710,000.A portion of the proceeds was utilized to repay existing loans used to finance the Vessels’ newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015.Under the sale and leaseback agreements, the Vessels were sold and delivered to ICBC. The Company has entered into bareboat charters with ICBC for the Vessels.Navig8 has purchase options to re-acquire the vessels during the charter period…

31 Jan 2019

Navios Containers Updates on Fleet

Monaco-based container shipping company Navios Maritime Containers has exercised an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.The containership is chartered out at a net rate of $26,325 per day until November 2020 and $27,300 per day until October 2021, and is expected to be delivered in the first quarter of 2019.Navios Containers also entered into an agreement where it has the option to acquire one 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.It has until March 2019 to exercise the option and would expect to take delivery of the containership in the second quarter of 2019.In December 2018…

08 Jan 2019

d’Amico Tankers Signs Sale and Leaseback Deals for New Tanker

The marine transportation company operating in the product tanker market d’Amico International Shipping (DIS) has secured a first in the Japanese market, signing an operating lease transaction for one of its LR1 newbuildings.d’Amico Tankers D.A.C. (Ireland), the subsidiary of DIS, has signed a memorandum of agreement and bareboat charter contract for its newbuilding LR1 vessel, said a release.Under the deal, the company agreed a sale and leaseback of the 75,000 dwt MT Cielo di Houston, currently under construction at South Korea’s Hyundai Mipo Dockyard.The vessel, which is expected to join the fleet in January 2019, was sold for a consideration of USD 38.6 million…

04 May 2018

Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini

Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000. The charter will commence upon delivery of the vessel and is expected to contribute approximately $9.0 million of net revenues to the Company during the contract period.

04 Dec 2017

Federal Waterways Infrastructure Outlook

© johnsroad7 / Adobe Stock

On Capitol Hill, October 1 was the first day of 2018, at least for the federal government’s fiscal year. In theory, on 10/1, the federal budget is supposed to be finalized with appropriations – i.e., spending – established for the next year. In practice, of course, it rarely works that way. Budget deliberations frequently last through December. And even on New Year’s Eve, Congress may be forced to vote on a Continuing Resolution to keep the government operating. The 2018 budget is of particular interest and it’s particularly important.

28 Nov 2017

d’Amico Sells Medium-Range Tanker

d’Amico International Shipping (DIS) announces that its operating subsidiary d’Amico Tankers signed a memorandum of agreement for the sale of MT High Presence, a 48,700 dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding (Japan) for a consideration of US$ 14.14 million. This transaction will generate at delivery of the Vessel a positive cash effect, net of the reimbursement of the Vessel’s existing bank loan, of around US$ 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program. In addition, d’Amico Tankers will retain the commercial control of the Vessel, having also concluded with the Buyer a 6-year time-charter agreement at a competitive rate.

24 Jul 2017

Höegh LNG Secures Financing for FSRU Unit

Höegh LNG Holdings has announced that it has received commitment letters for a US$230 million debt financing for its eighth floating storage and regasification unit (FSRU). The Facility comprises a 12 year export credit agency (ECA) term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt (GIEK) and Eksportkreditt of Norway, and a 5 year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank. The Facility is available to fund 65% of the delivered cost of the FSRU with no employment requirement, increasing to 75% upon securing long-term employment. The interest rate will be swapped from floating to fixed, and at the current market conditions the fixed interest rate is expected to come in at around 4.1%.

20 Jun 2016

Navig8 Tankers Pact with CMB

Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers. The company said that the expected net proceeds from the transaction are USD 91.2 million. A portion of the proceeds will be utilized to repay existing loans used to finance the Vessels' newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015. Under the sale and leaseback agreements, the Vessels will be sold and delivered to CMB. The Company has entered into 7-year bareboat charters with CMB for the Vessels. The Company has purchase options to re-acquire the vessels during the charter period…

24 Sep 2015

Seanergy Maritime 2Q Revenue Nets $1.8 mln

Dry bulk shipper Seanergy Maritime Holdings Corp. announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601.

01 Apr 2015

OOCL Orders Six Ultra-Large Container Ships

Orient Overseas (International) Ltd. has placed a new order for six mega 20,000 teu container ships from South Korean shipbuilder Samsung Heavy Industries Co. for US$951.6 million. Orient Overseas, controlled by the family of former Hong Kong chief executive Tung Chee-hwa, said the container vessels will be delivered in 2017. The company plans to fund the purchases with a bank loan for up to 70 % of the costs and the remainder funded by its internal resources, a stock filing of the company said on 1 April. The contract price of each vessel is payable in cash in five equal installments. The deal marks the container shipping operator's first major fleet expansion in nearly four years…

17 Feb 2015

Golar LNG sells Golar Viking

Golar LNG Ltd has completed the sale and delivery of the LNG carrier Golar Viking to PT Perusahaan Pelayaran Equinox (Equinox) for US$135 million. The 140,205-cbm Golar Viking (built 2005) has been renamed Salju under Indonesian flag and registry. Under Indonesian Cabotage regulations, LNG cargoes produced and sold within Indonesia must be transported on an Indonesian flagged vessel. Equinox decided to acquire the Golar Viking and transfer the vessel to Indonesian flag due to an anticipated increase in domestic allocation for Indonesian produced LNG cargoes this year. The technical specification of Golar Viking, now renamed Salju, is well suited for the short haul nature of the domestic Indonesian trade.

03 Feb 2015

Port Everglades Strengthens Cargo Connections

Landside infrastructure improvements have made connections with major highways and railroad systems more efficient, the port said. (Photo courtesy of Port Everglades)

Broward County's Port Everglades has partnered with public and private entities on several multimillion-dollar landside infrastructure improvements designed to improve connections with South Florida's major highway and railroad systems. "Landside congestion plagues many seaports, but Port Everglades is fortunate to have direct interstate highway access and a strong partnership with the Florida East Coast Railway and the State of Florida that keeps commerce on the move," said Port Everglades Chief Executive and Port Director Steven M.

12 Jan 2015

USNS Trenton JHSV 5 Christened

Photo courtesy of Austal

Austal christened USNS Trenton (JHSV 5) January 10 at its shipyard in Mobile, Alabama. USNS Trenton is the fifth of 10 Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War.

11 Jan 2015

USNS Trenton (JHSV 5) Christened

Austal christened USNS Trenton (JHSV 5) this morning at its state-of-the-art shipyard in Mobile, Alabama. USNS Trenton is the fifth of ten Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War. According to Secretary Mabus, “Trenton displays American values of community, perseverance and resourcefulness at their very best.

05 Aug 2014

BW Offshore Completes $800m Bank Loan

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. BW Offshore has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility. The other main covenants remain unchanged.

30 Apr 2014

WINS takes delivery of largest PSV, "WM Pacific"

Wintermar Offshore Marine (WINS) announced having taken delivery of "WM Pacific”, the Largest Platform Supply Vessel (PSV) flying the Indonesian flag. 'WM Pacific' is our 4th and largest Platform Supply Vessel. She will be the only Indonesian flagged PSV that is equipped with Firefighting capability certified to FIFI 2 standard. She is 83m long, equipped with DP2 (Dynamic Positioning) and classification ABS + A1 (E) Offshore Support Vessel notation. She is certified to participate in search and rescue operations and has oil recovery capability and capable to transport methanol. She has 1,000m2 of deck space and her cabins can accommodate up to 58 persons. 'WM Pacific' was built in China by POET Shipbuilding and Engineering Pte Ltd.

29 Jan 2014

Loan Options for the Marine Industry

As we launch into 2014, the domestic waterfront continues to fire on all pistons; boatbuilding, charter rates, utilization of tonnage, and so much more. That kind of momentum, however, requires funding to sustain. For smaller operators in need of capital to grow and/or maintain their fleets, sourcing those funds can be tricky. Fortunately – and unlike the Department of Transportation’s Maritime Administration’s Title XI Federal Ship Financing Program of the last few years – the U.S. Small Business Administration and the U.S. Department of Agriculture actually have the funding to make and guarantee loans for the U.S. commercial marine industry.