HMMarine Secures Debt Facility

press release
Tuesday, December 13, 2011
Erik Borgen (centre) with DNB and HMM officials at the signing ceremony at Marina Bay Sands, Singapore.

Hyundai Merchant Marine Secures US$500 million debt facility from banks led by DNB.
 

South Korean shipping group Hyundai Merchant Marine (HMM) has secured a USD500 million debt facility from a syndicate of financial institutions led by DNB Bank. A signing ceremony to close the facility was held at Marina Bay Sands in Singapore. The facility will be used by HMM to fund the construction of five mega container vessels being built at Daewoo Shipbuilding & Marine Engineering which are scheduled to be delivered throughout 2014. Upon delivery, these vessels will be deployed on the Asia-Europe trade route. HMM has an established track record and solid market reputation, thus enabling the company to continue to tap the banking market for large-sized financing notwithstanding the challenging market conditions in the shipping industry and banking sector.

 

Aside from DNB Bank, the other financial institutions involved in this transaction are ABN AMRO, Credit Agricole, Korea Finance Corporation and The Korea Development Bank. Erik Borgen, DNB’s Head of Asia, said today: “We continue to be active in maritime finance throughout the cycle and our involvement in this transaction exemplifies our continued commitment to this space. “DNB is pleased to lead this facility and happy to note how successful HMM has been in securing financing on very favourable terms and with highly recognised banks in the shipping sector. This development shows that reputable ship owners with good track records can continue to tap the capital markets during times of economic uncertainty.”


Contracts

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Shipbuilding

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Container Ships

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0978 sec (10 req/sec)