Ship Finance Lenders Fall Short of Sector's Carbon Targets
Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles…
Poseidon Readies $140Bn Shipping Loan
With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO), a specialized…
Bergur-Huginn Gets Finance for 6 Trawlers
Icelandic fishing company Bergur-Huginn has been issued a loan from Export Credit Norway in connection with delivery of the Vestmannaey stern trawler from Vard’s Aukra facility in Norway.A further five loans, for five identical vessels, will be disbursed to Icelandic shipowners over the coming months.The delivery of the Vestmannaey trawler is the first of seven identical vessels ordered from Vard’s shipyard in Aukra, Norway. The buyers are a consortium that consists of four Icelandic fishing companies. The six remaining vessels are expected to be delivered during the second half of 2019.Export Credit Norway will provide export financing for six of the seven stern trawlers…
Teekay Gets Norway's 'Green' Funding for Tankers
The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million. The financing is part of a larger syndicate involving several commercial banks and a foreign export credit agency.
Norwegians to Finance Vessel Retrofits
Following the International Maritime Organization (IMO) ratifications of the ballast water and exhaust gas treaties, government-owned Export Credit Norway offers financing to international vessel owners who purchase retrofit equipment from Norwegian suppliers. The Norwegian export credit agency Export Credit Norway has assembled a specialized team and tailor-made financing solution to support vessel owners who need to retrofit equipment such as gas exhaust cleaning systems, ballast water treatment systems and new coating systems.
Norwegian Seminar to Focus on Financing, Procurement
The challenges of managing efficient procurement processes and getting the right funding in the shipping and offshore sectors is the topic for a major half day conference in Singapore later this month. Coinciding with the Asia Pacific Maritime (APM) event on March 20, the Norwegian Procurement and Finance seminar is aimed at operators seeking to build vessels, capital goods or services within the shipping and offshore industries, or Norwegian exporters in these fields. The session will also see the release of a major report into procurement processes in Asia which was commissioned by the Norwegian Oil and Gas Partners (INTSOK) organization. The main findings will be revealed at the event.
Ocean Rig Announces Financing, Contract Developments
The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile. The facility bears interest at LIBOR plus a margin. Lead banks are DNB Bank and Nordea Bank supported by several other commercial lenders. Also participating in this financing are export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK), Export Credit Norway and the Import-Export Bank of Korea (KEXIM). This agreement is subject to definitive documentation which the Company expects to complete in the first quarter of 2013.
