Eurofin News

The fifth annual Iron Ore and Coal World Shipping Summit will take place on October 1 in Athens, Greece. The conference will focus on the maritime transportation of iron ore and coal, making an attempt to forecast the trends of global economy; iron ore, coal and other commodities, production and distribution; the trading markets, shipping capacities, shipbuilding and shipping requirements; the financing and investment climate, shipping innovation effects on ship-values and the environmental imperatives. •    Nicky Pappadakis, President Emeritus Intercargo and Chairman, I.G. Pappadakis & Co. •    Harris Vafias President & CEO, StealthGas Inc. •    George D. •    John Su Managing Director, Keen Maritime Services Inc. •    Janos Koenig Managing Director, Eurofin International Ltd.

Eurofin to act as its consultant. clients and identifying ship financing opportunities for the bank. Dr. clients. stronger than it has ever been. good banks such as KfW IPEX-Bank have to be selective. finance, and short-term trade finance. scale. refinancing at market rates at all times.

Eurofin brought together the five European banks which have syndicated a $440m facility to Istanbul-based Kiran Holdings. It is the largest ever ship finance loan made to a Turkish shipping company. The loan will cover orders for six new bulkers at Chinese yards. The $440m loan includes $100m of performance guarantees connected to the newbuilding programme. It is a syndicated loan led by the Royal Bank of Scotland (RBS). Dekabank Deutsche Girozentrale, Lloyds TSB Bank, Fortis Bank and Deutsche Schiffsbank are all part of the syndication.  The loan covers orders for two supramax and two kamsarmax bulkers at Wujiazui Shipbuilding and two capesizes at Jiangsu Rongsheng Heavy Industries. The Kiran group controls nineteen bulk carriers and general cargo ships.

Victoria Santos-Pires has joined London-based ship finance consultant Eurofin. Santos-Pires has been a shipping financier for more than fifteen years, most recently as loan portfolio manager with Tufton Oceanic Limited where, in an eleven-year spell, she handled the overall implementation of loan transactions. Prior to that, she was with Swiss Cantobank in London, and Chancery Bank. In addition to her extensive experience of the ship finance sector, Santos-Pires brings to Eurofin client, transaction and bank syndicate management skills, together with financial and documentary administration capabilities, and refinancing, restructuring and vessel sales experience.

Eurofin, the specialist ship finance adviser, has launched its specialist ship investment fund vehicle, Merlin Tankers Inc. The new company has purchased two 38,000 dwt tankers which will be dedicated to the vegetable oil trades. The purchase of a third vessel is about to be completed. Merlin Tankers Inc is an investment company managed by the Eurofin Group which will buy and operate ships focussed on veg oil carriage. Commercial management of the ships will be carried out by Bergen-based Champion Tankers, which is a leader in the edible oil trades. Technical management will be provided by Piraeus-based Genoa Maritime, which has extensive experience with these trades and with sister ships to those purchased by Merlin Tankers.

Eurofin, the specialist ship finance adviser, has launched its specialist ship investment fund vehicle, Merlin Tankers Inc. The new company has purchased two 38,000 dwt tankers which will be dedicated to the vegetable oil trades. The purchase of a third vessel is about to be completed. Janos Koenig, managing director of Eurofin, says, “We are delighted with the uptake of Merlin Tankers and confident that our specialist focus will give us a competitive advantage. There is a reservoir of capital from non-shipping investors which is seeking an entry into shipping but which would be uncomfortable with a play focussed on the volatile mainstream tanker or dry bulk markets. Merlin Tankers is focussed on new opportunities in edible oil transport.