Eurobank News

Greek shipowner Euroseas announced it has taken delivery of the first in a series of nine new feeder container vessels from South Korea's Hyundai Mipo Dockyard.The 2,800 TEU Gregos was officially handed over during a ceremony on April 6, and following its delivery, the vessel commenced a 36- to 40-month charter with Oman-based Asyad Lines.The time charter equivalent (TCE) rate is $48,000 per day. Aristides Pittas, chairman and CEO of Euroseas, said the ship "is expected to contribute in excess of $42 million of EBITDA (or…

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,…

The overall Greek loans of Hellenic maritime companies and ship owners (drawn and committed but undrawn) rose to $64.019 billion by the end of 2014, 4.1% higher than the $61.498 billion of 2013. Petrofin Research in its latest annual research says that drawn loans are up by 2.85% and Commitments by 18.11%, the latter prompted by the high Greek newbuilding orders. Of the 5 Greek banks active in the shipping finance market, National Bank of Greece shows an increase by 7.33% and Aegean Baltic by 11.99%. The rest show minor decreases. Overall, Greek banks’ exposure is up by 3.17% to a total of $10,8 billion, reflecting the increased stability in 2014 for Greek banks. This increase is the first sign of a recovery, since 2008.

Greece's leading banks are considering offloading part of their portfolios of shipping debt worth billions of dollars in a bid to shore up their capital, according to banking and ship financing sources. Greece has secured an extension to its bailout from its European partners, but the danger of it unravelling and of Greece being pushed out of the euro zone still exists, raising the risk that Greek banks could face large deposit losses in the future to add to those they have already had. "There are several portfolios being shopped around at the moment, including shipping loans," one banking source said. The banker and a ship-finance source said such debt could be attractive for private equity players who have been scooping up distressed assets in shipping due to the sector downturn.

ERMA First ESK Engineering Solutions SA qualified in the second phase of the second Contest Applied Research & Innovation "Greece Innovates!" co-organized by SEV (Hellenic Federation of Enterprises) and Eurobank. The competition received 242 innovative proposals from leading research centers and enterprises, which demonstrate the high value of Greek researchers. Having qualified to the second phase of the competition, ERMA First is asserting the first place. The proposals evaluated concerned products and services of applied research and innovation, which seek to improve our quality of life, while, at the same time promoting and enhancing the extroversion of the Greek economy.

Christina Anagnostara has served as Chief Financial Officer and Board member in Global Oceanic Carriers Ltd (GO Carriers), a dry bulk shipping company listed on AIM of the London Stock Exchange, since February 2007. She has over 14 years of experience in consulting, auditing and financial services. In the last eight years, prior to joining GO Carriers, she has held a senior management position in EFG Audit & Consulting services, the auditors of the based EFG Group. During her career, Christina has been involved in a number of business and process audits and consulting assignments, due diligence, special reviews and investigations. Prior to EFG Group…