Bank Loan Facility News

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…

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…

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.

FSL Trust, in its second quarter of 2013 financial report ending 30, June 2013, records a drop in revenue & a higher loss due mainly to default in lease payments for 2 crude oil tankers. During the quarter, the lessees of the Trust’s two crude oil tankers defaulted on their lease payments. Nevertheless, the Trust’s other 23 vessels were fully employed, generating revenue from long-term bareboat charters, time charters and pool employment. FSL Trust recorded an operating loss of US$1.0 million compared with an operating profit of US$4.0 million in the corresponding period last year. After taking into account net finance expenses, the Trust incurred a net loss of US$7.2 million in 2QFY13.

American Commercial Lines Inc. (NASDAQ: ACLI) announced results for the fourth quarter and year ended December 31, 2009. Revenues for the quarter were $226.9 million, a 16.4% decrease compared with $271.6 million for the fourth quarter of 2008. The decrease in revenue in 2009 was primarily due to changes in the mix of commodities shipped by our transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices (which are generally passed through to our customers). Total ton-mile volume declined by 1.4% compared to the fourth quarter 2008. Income from continuing operations for the quarter was $14.2 million or $1.09 per diluted share, compared to $22.9 million or $1.81 per diluted share for the fourth quarter of 2008.

MC Shipping Inc., has agreed to acquire two liquefied petroleum gas (LPG) vessels from the Bernhard Schulte Group of Germany. The vessels, Hermann Schulte and Dorothea Schulte are semi-refrigerated and of 5,600 cbm capacity each. The acquisition is being funded out of current cash holdings and a bank loan facility from one of the Company's regular financiers. The vessels are expected to be delivered before March 31, 2006. Simultaneously with the purchase, they will be time-chartered back to the Schulte Group for a minimum period of 1 year. Following the delivery of these two ships, MC Shipping Inc. will fully or partially own a fleet of 18 vessels, of which 12 are LPG tankers ranging from 3,000 to 77,000 cbm capacity.