Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring
Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.The transaction, which completed out of court,…
Insights: Matthew Paxton, SCA President
Matthew Paxton is President of the Shipbuilders Council of America (SCA), and a partner at the law firm of Adams and Reese. SCA is the national trade association representing 41 companies that own and operate more than 120 shipyard facilities on all three U.S. coasts, the Great Lakes, inland waterways system, Alaska and Hawaii. SCA also represents 97 partner members that provide goods and services to the shipyard industry. Paxton, who has been practicing law since 2001, focuses his practice on maritime law and policy, fisheries law, natural resources development, and environmental policy issues. In addition to the SCA presidency in which…
China Exim Bank Backs Seaspan
Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM). Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities. The credit facilities would be made available to Seaspan for the purchase and construction of vessels from shipyards in China within the next three years. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan commented, "We appreciate the strong support Seaspan continues to receive from leading banks around the world. "With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital.
Sainty Marine in Troubles Waters
Financially troubled Chinese shipbuilder Sainty Marine has announced Bank of China and China Exim Bank have frozen its bank accounts. Shenzhen-listed Sainty Marine has also announced that it has reached an agreement with Dutch ship investment firm, Universal Marine, for the cancellation of four 2,350teu containerships. Universal Marine ordered the vessels at Sainty Marine in March 2014, however, it has been unable to secure the financing to start the newbuilding project, which has led to the cancellation of the vessels. No compensation is involved in the agreement. The struggling shipbuilder said that it had not received a court notice from the banks on their decision. The move comes following last week’s court order on freezing of the company’s assets worth RMB 300 million.
China Exim Bank, SWS Sign $312m Financing Deal
Shanghai Waigaoqiao Shipbuilding (SWS), a yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC. Founded in 1999, SWS is a wholly owned subsidiary of China CSSC Holding Ltd., a publicly listed company controlled by China State Shipbuilding Corporation (CSSC). The main business of SWS covers design, construction and repair of marine vessels and offshore products.
Bourbon 2015 Leadership Strategy
The Bourbon 2015 Leadership Strategy consists of further investing in innovative and cost effective vessels to satisfy customers’ increasing focus on safe and efficient vessels to support their offshore activities, and to enable them to reduce their overall operation costs. By adding 80 supply vessels and 64 crewboats through a $2b investment plan in new buildings, Bourbon will be operating a fleet of 600 vessels for deepwater and shallow water logistics services by 2015. The Bourbon 2015 Leadership Strategy will be built on the Bourbon Liberty series of vessels, to speed up the renewal of the old and obsolete existing shallow water fleet and on the proven expertise of its deepwater operations for exploration and production, including subsea activities.
