Maritime & Merchant AS Granted Banking License

Posted by Michelle Howrad
Monday, February 03, 2014

Maritime & Merchant AS (M&M) (TBR Maritime & Merchant Bank ASA) has received regulatory approval to operate a private bank in Norway, underpinning the firm’s strategy to become a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide.

“M&M filed a banking license application on November 13, 2013 and we are very pleased with the rapid handling of the application, which now allows us to fully concentrate on the forthcoming capital issue, completion of the core bank system and putting the organization together.’’

“We are currently preparing for a capital issue with a target of $300-350 million (USD) in equity to fund operations. We have selected Pareto Securities AS and DNB Markets as Joint Lead Managers and Bookrunners, with Cleaves Securities to act as Financial Advisor. We aim to start operations during April 2014.’’

M&M will be a highly specialized niche financial institution focused on the maritime and offshore industries with an emphasis on providing mortgage based lending.  

Over the past years, the introduction of stricter capital requirements, in combination with the severe impact the financial crisis had on the banking community in general, has forced many banks to either discontinue lending to owners, or scale back on activities in ship finance. This tight credit market has left many small- to medium-sized owners facing difficulties when seeking financing.

“There are interesting opportunities out there,” Sveen states, “with a market emerging from a down cycle, favorable asset prices and, currently, increasing rates in some sectors. But smaller and medium-sized players, even those with an excellent reputation, can’t take advantage of that without accessing finance.”

M&M will be a small operation conducting business on a personal level, keeping overheads as low as possible while focusing on quality assurance during the entire decision process. M&M thinks this is possible based on a business concept that concentrates on mortgage based lending to an industry that the management team comes from and understands.

“At M&M, we implicitly understand our clients needs and they understand us. You talk straight to the person that can help; your banking partner,” said Sveen.

M&M directors combine broad industry knowledge and outstanding networks, with unique insights – gleaned from genuine niche/segment expertise – and specialized investment products and services custom-made for the industry.

Initially the team is targeting the tanker, dry bulk, LPG/LNG, chemical tanker, container vessel, car carrier, ro/ro and MPP asset classes. Within the offshore sector, M&M sees AHTS and PSV projects as key areas.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Offshore

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Container Ships

Diana Extends Containership Time Charters

Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato   Diana Containerships Inc., a global

CMA CGM Acquires OPDR

The CMA CGM Group has acquired the German shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei GmbH & Co. KG (OPDR), CMA CGM founder, chairman and CEO Jacques R.

Matson Raises 2015 Westbound Hawaii Box Rates

Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225

News

ClassNK Approves Niigata Dual-fuel Engine Design

Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Vessels

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

From Security to Efficiency Modern Vessel Tracking

More so than many other fields of business, the maritime industry is focused on cost, which in turn gives the appearance of being conservative towards technology.

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2058 sec (5 req/sec)