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Fortis Bank News

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.

14 Mar 2011

CRUDE CARRIERS CORP. APPOINTS DIMITRIS P. CHRISTACOPOULOS TO ITS BOARD OF DIRECTORS

ATHENS, Greece, March 14, 2011 – Crude Carriers Corp. (NYSE: CRU)  today announced that its Board of Directors has elected Dimitris P. Christacopoulos to serve as a Director on the Company’s Board. He will be an independent Board member and will serve on the Board's Audit and Independent Directors’ committees. Mr. Christacopoulos, 40, joined the Company’s Board on March 11th, 2011. Mr. Christacopoulos currently serves as a Partner at Octane Management Consultants. He started his…

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.

23 Apr 2009

Euronav 1Q 2009 Results & New Financing

The executive committee of Euronav NV (Euronext Brussels: EURN) reported its financial results for the three months ended 31st March 2009. All figures have been prepared under IFRS (International Financial Reporting Standards) and have not been reviewed by the joint statutory auditors. The figures have been prepared without taking into account any impact of deferred taxes. The company had a net income of $16.8m (first quarter 2008: $80.7m) or $0.34 (first quarter 2008: $1.56) per share, for the first quarter 2009. EBITDA for the same period was $79m (first quarter 2008: $154.2m). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International pool was approximately $47…

04 Nov 2008

Danaos 3Q, 9 Month Report

Danaos Corporation (“Danaos”) (NYSE: DAC), a leading international owner of containerships, reported unaudited results for the period ended September 30, 2008. •    Net earnings from continuing operations of $28.0 million or $0.51 per share and $93.2 million or $1.71 per share for the quarter and the nine months ended September 30, 2008, respectively, compared to $25.5 million or $0.47 per share and $78.4 million or $1.44 per share for the respective periods of 2007. •    Operating revenues from continuing operations of $76.4 million and $220.2 million for the quarter and the nine months ended September 30, 2008, respectively, compared to $62.6 million and $187.5 million for the respective periods of 2007.

22 May 2008

Eurofin Brokers Turkish Ship Finance Loan

Eurofin brought together the five European banks which have syndicated a $440m facility to Istanbul-based Kiran Holdings. It is the largest ever ship finance loan made to a Turkish shipping company. The loan will cover orders for six new bulkers at Chinese yards. The $440m loan includes $100m of performance guarantees connected to the newbuilding programme. It is a syndicated loan led by the Royal Bank of Scotland (RBS). Dekabank Deutsche Girozentrale, Lloyds TSB Bank, Fortis Bank and Deutsche Schiffsbank are all part of the syndication.  The loan covers orders for two supramax and two kamsarmax bulkers at Wujiazui Shipbuilding and two capesizes at Jiangsu Rongsheng Heavy Industries. The Kiran group controls nineteen bulk carriers and general cargo ships.

15 Apr 2008

Quintana Shareholders Approve Excel Merger

Excel Maritime Carriers Ltd. (NYSE: EXM) and Quintana Maritime Limited (NASDAQ: QMAR) jointly announced that at a special meeting of Quintana’s shareholders held April 14, 2008, Quintana’s shareholders voted to approve the merger agreement pursuant to which Excel will acquire Quintana. Under the terms of the merger agreement, each issued and outstanding share of Quintana common stock will be converted into the right to receive (i) $13.00 in cash and (ii) 0.4084 Excel Class A common shares. The 0.4084 exchange ratio will be reduced to reflect the $0.31 dividend paid by Quintana to its shareholders on March 7, 2008, in accordance with the terms of the merger agreement. Excel and Quintana expect the merger to close on or about April 15, 2008.

08 Dec 2003

Stelmar Shipping Ltd. Announces Sale-Lease Back of Two Aframax Vessels

Stelmar Shipping Ltd. announced that it has completed, with the assistance of the Fortis Bank, a seven year sale-lease back transaction for two of its coated Aframax tankers, the 1998-built Takamar and the 1999-built Jacamar. The deal will produce net proceeds of $71 million. Both vessels will remain in the Stelmar fleet and will continue to earn in excess of $19,000 per day for the balance of their existing time charters of more than two years. Stelmar will realize net cash from the sale of $25 million and will record a non-operating book gain of $1 million. The sale-lease back arrangements will be completed during December 2003. Peter Goodfellow…

06 Feb 2004

Greek Court Sets New Deadline for Royal Olympic Cruise Lines

Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations. In addition the company announced that it has put all administrative staff in Greece on unpaid leave pending the outcome of the court ruling and discussions with financial institutions and various creditors.

12 Feb 2004

Royal Olympic Cruises Awaits Greek Court Decision

Royal Olympic Cruise Lines Inc. announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors. Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan. The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines.

21 Jun 2004

CMB Condifrtd Listing for Euronav

Euronext Brussels. existing CMB shares. advised by Petercam, KBC Securities, Fortis Bank and Linklaters De Bandt. confirmation of the tax neutrality of the envisaged transaction. quarter of 2004.

04 Aug 2004

Vinashin Gets $200M Loan for Expansion

Fortis Bank will provide as much as $200 million in credit to Vietnam's biggest shipbuilder Vinashin to finance expansion, according to wire reports. The unlisted state-controlled company aims to invest around $1 billion to upgrade and expand its shipbuilding and repair yards. In May this year, Vinashin won a $322.5-million contract to build 15 freighters for Graig Investment Co, a British firm, and is negotiating for another 8. The company, which is capable of building oil tankers with a gross weight of 100,000 tons, is aiming for annual revenue of more than $5 billion by 2010.

30 Jan 2001

IHC Caland Profit Up

Dutch IHC Caland NV said on Monday preliminary net profit rose eight percent in 2000, and reflected on a "difficult and often frustrating year." Net profits are expected to be 75 million euros ($69.4 million), compared with 69.5 million in 1999. The figure came in at the low end of analysts expectations, but at exactly the level the company predicted in September. Company watchers had forecast the company's net profits would be 75.3-77.2 million euros, with a consensus at 76.3 million euros. IHC Caland, whose products range from oil platforms to dredgers to luxury passenger liners, also said it expected full-year 2001 net profits to at least match the 2000 level, with volatile oil markets delaying new orders.

20 Sep 2006

Diana Shipping Takes on Carrier Contracts

Diana Shipping Inc. assumed shipbuilding contracts from two unnamed parties for construction of two Capesize dry bulk carriers for $120.8 million. The carriers, priced at $60.4 million each, will be built by Shanghai Waigaoqiao Shipbuilding Co. and are expected to be delivered during the second quarter of 2010. Capesize carriers are a shipping designation for vessels which must travel around Africa's Cape of Good Hope because they are too large for transit of the Suez Canal. Diana Shipping also said it arranged with Fortis Bank a $62 million secured term loan, which the company plans to use to pay pre-delivery installments for the dry bulk carriers. Diana noted that the loan requires no principal payments before delivery of the ships and may be refinanced then. (Source: AP)

18 Sep 2006

Diana Shipping Assumes Contracts for Purchase

each. Co., Ltd. and Diana Shipping Inc. during the second quarter of 2010. will use to pay the pre-delivery installments of these two newbuilding dry bulk carriers. An affiliate of Fortis Bank is a shareholder of the Company. ships, at which time this loan may be refinanced. included in the construction cost of the ships being acquired. dividend per share.

13 Dec 2005

Arlington Tankers Enters Loan Agreement

Ltd. million loan agreement with The Royal Bank of Scotland plc. agreement provides for a five-year term loan facility. N.V. tankers from the Stena Group. in January 2006. drawdown. an interest rate swap agreement with the Royal Bank of Scotland. at approximately 5.38%.

18 Nov 2005

Arlington to Acquire Two Tankers for $92M

Ltd. million in cash. in 2005. Arlington expects to take delivery of the vessels in January 2006. charter hire agreements with Stena Bulk AB for both vessels. day for the third year. initial three year period. 30 months. vessels with Northern Marine Management Ltd. fixed rates commencing at $5,565 per day and increasing at 5% per year. Northern Marine Management Ltd. is a wholly-owned subsidiary of Stena Group. vessels. approximately 14.4% of Arlington's outstanding shares of common stock. necessary financing to pay the cash purchase price. amortizing term loan facility with The Royal Bank of Scotland. interest rate swap. 2005. existing debt facility. interest rate swap with Fortis Bank and HSBC Bank. the purchase of the vessels and to establish the new debt facility. Marine.