Finance News

12 Feb 2020

Scorpio Bulkers to Sell, Leaseback 3 Bulkers

Image: Scorpio Bulkers Inc.

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell and leaseback two Ultramax vessels (SBI Cronos and SBI Achilles) and one Kamsarmax vessel (SBI Lynx) to Ocean Yield ASA for a total financing consideration of $62.8 million.Upon completion, which is estimated to take place in the first quarter of 2020, the company’s liquidity is expected to increase by up to $33.6 million after the repayment of outstanding debt.The company will also…

12 Feb 2020

Maersk Names Jany CFO

Patrick Jany (File photo: Clariant)

A.P. Moller - Maersk has appointed Patrick Jany as its new chief financial officer, effective May 1, 2020.Jany, a German citizen, joins the world's largest shipping company as CFO and a member of the executive board after more than two decades with Swiss chemicals company Clariant, where he's been CFO since 2006. Prior to his role as CFO, he held several leadership positions within finance, general management and corporate development in Clariant in Germany, Mexico, Singapore, Indonesia and Spain.“I am pleased to welcome Patrick Jany to A.

11 Feb 2020

Trump's FY21 Budget Request 'Inadequate' -WCI

© Warren Price / Adobe Stock

President Trump’s Fiscal Year 2021 (FY21) budget request released on Monday is "astonishingly inadequate" says industry advocate Waterways Council, Inc. (WCI).The FY21 budget provides $0 for construction of ongoing priority navigation projects cost-shared through the Inland Waterways Trust Fund (IWTF); cuts funding for the U.S. Army Corps of Engineers’ Civil Works Mission by 22% ($5.967 billion, a $1.7 billion decrease from the FY20 enacted level); and proposes $1.8 million in new user fees on commercial waterways operators.Last fiscal year (FY20)…

09 Feb 2020

SFL Sells its Oldest VLCC

Image courtesy: SFL Corporation

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).The international ship owning and chartering company said that the net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter.SFL Corp, formerly Ship Finance International, does not expect a material book effect from the transaction.The Front Hakata was the last vessel in the fleet remaining…

05 Feb 2020

S.Korea Announces $690M Shipping Aid

FSC Chairman Eun Sung-soo. Photo: Financial Services Commission

South Korea' Financial Services Commission has announced 820 billion won ($690 million)  in funding to help modernize aging passenger boats and cargo ships.According to a Yonhap, the package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels.The Financial Services Commission announced that shipping companies will be reimbursed for up to 60 percent of the cost of the new vessels, and South Korea's state-run Korea Ocean Business Corp.

02 Feb 2020

Poseidon Readies $140Bn Shipping Loan

Image by Poseidon Principles

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…

30 Jan 2020

Kirby to Acquire Savage Inland Marine Fleet

(Photo: Savage)

Houston-based Kirby Corporation said it has signed a definitive agreement to acquire Savage Inland Marine's towboat and tank barge fleet for approximately $278 million in cash and the assumption of leases.Kirby will acquire Savage's inland fleet consisting of 46 towboats and 90 tank barges with approximately 2.5 million barrels of capacity, primarily used for transporting petrochemicals, refined products and crude oil on the Mississippi River, its tributaries and the Gulf Intracoastal Waterway.

30 Jan 2020

Lenders Back Initiative to Factor CO2 Cuts into Shipping Finance

© Gary Blakeley / Adobe Stock

Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions.Global shipping accounts for 2.2% 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"…

29 Jan 2020

EIB Fund Greek LNG Bunkering Vessel Construction

 Financing agreement for the construction of the first LNG bunkering vessel for maritime use in Eastern Mediterranean. Photo: ©EIB

European Investment Bank (EIB) and Public Gas Corporation of Greece (DEPA) have signed an agreement to finance with up to 20 million euros the construction of a new liquid natural gas (LNG) bunkering vessel for maritime use in Greece which will be based in Piraeus. EIB said that the first vessel of its kind in Greece and the Eastern Mediterranean will have a capacity of 3,000 cubic meters and will be supplied with LNG at Revithoussa LNG terminal.The bunker tanker will refuel its LNG at Revithoussa LNG terminal and will carry out bunkering both in Piraeus and other Greek ports…

27 Jan 2020

Matson Promotes Three

(Photo: Matson)

U.S. carrier Matson announced it promoted three executives to the company's senior leadership team, effective immediately.Branton "Bal" Dreyfus, Vice President, Alaska, has been promoted to Senior Vice President, Alaska in recognition of Matson's growing scope of operations, continuing investment in and long-term commitment to serving Alaska. Dreyfus will continue to report directly to Matt Cox, Chairman and Chief Executive Officer.Capt. John "Jack" Sullivan, Vice President, Vessel Operations and Engineering…

22 Jan 2020

Chembulk Tankers Announces Leadership Changes

Bart B. Kelleher has taken over as CEO of Chembulk Tankers (Photo: Chembulk Tankers)

Chembulk Tankers announced on Wednseday that Bart B. Kelleher has taken over as Chief Executive Officer for David Ellis, who has resigned for personal reasons. Ellis will be available to the company through January 31, 2020.Kelleher has held senior executive roles within Chembulk since joining the company in early 2016, initially as Chief Strategy Officer and then Chief Financial Officer in early 2019. Prior to joining Chembulk, Kelleher was the Chief Operating Officer for Principal Maritime Management and held roles in investment banking…

20 Jan 2020

IMO's 2050 Decarbonization Target Has $1 Trillion Pricetag

© Martin Lueke / Adobe Stock

At least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050, a study published on Monday showed.The global shipping fleet, which accounts for 2.2% of the world's CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.U.N. shipping agency, the International Maritime Organization (IMO), aims to reduce the industry's greenhouse gas emissions by 50% from 2008 levels by 2050…

20 Jan 2020

Croatia's DIV Buying Norway's Kleven Shipyard

Kleven Verft in Ulsteinvik. Photo by Per Eide - Shared by Kleven Verft

Croatian DIV Group is set to buy Kleven Verft, a Norwegian shipbuilding company specializing in the construction of offshore and cruise vessels.DIV, which owns the Brodosplit shipyard in Split Croatia, has signed an agreement to buy the Norwegian company based in Ulsteinvik, with the deal is expected to be executed in the next few weeks, Kleven said Monday.Kjetil Bollestad, CEO at Kleven, said he was happy the company was getting "a new and solid owner of the yard.""Through a difficult period, we have managed to deliver fantastic ships, as well as exploit the high competence at the shipyard.

15 Jan 2020

Crowley Realigns Its Marine Services Group

(Photo: Crowley)

US-based Crowley Maritime Corp. announced on Wednesday that it has realigned its marine services organization and introduced new leadership.In a move that aims to provide better support to customers, Crowley Marine Services, part of the company’s shipping arm, will now be comprised of three distinct, yet interrelated business segments: offshore services, ship assist and tanker escort and engineering services – those provided by Crowley and subsidiary Jensen Maritime Consultants.Jeff Andreini…

15 Jan 2020

Partners Developing Ammonia-fueled Tanker

(Photo: LR)

Maritime industry partners striving to advance shipping's decarbonization efforts are working to develop an ammonia-fueled tanker, classification society Lloyd's Register (LR) announced.The joint development project (JDP) involving LR and shipping line MISC Berhad, builder Samsung Heavy Industries (SHI) and engine maker MAN Energy Solutions aims to develop commercially viable deep-sea zero-emissions vessels (ZEVs) that would be operational by 2030, ahead of the International Maritime Organization’s 2050 greenhouse gas (GHG) emissions target.Nick Brown…

14 Jan 2020

Eagle Bulk Joins Decarbonization Coalition

Image: Eagle Bulk Shipping

The US-based dry bulk carrier Eagle Bulk Shipping has joined industry group the Getting to Zero Coalition.The group is an alliance of over 90 companies within the maritime, energy, infrastructure, and finance sectors which are committed to the decarbonization of deep-sea shipping, in line with the International Maritime Organization's greenhouse gas emissions reduction strategy and the UNFCC Paris Agreement.Gary Vogel, Eagle Bulk’s CEO, said, “We are constantly working on improving energy and operational efficiencies at Eagle…

14 Jan 2020

China Tax Waiver for Cleaner Ship Fuel Exports

Copyright: Suriyapong/AdobeStock

China has approved a long-awaited tax waiver on exports of cleaner ship fuel, paving the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market, state refiner officials say.Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year.China's State Council, or cabinet, gave the go-ahead to waive taxes on the 0.5% or very low sulphur fuel oil (VLSFO)…

08 Jan 2020

Awilco LNG Fully Refinances LNG Carriers

Image: Awilco LNG

Norwegian based fully integrated pure play LNG transportation provider Awilco LNG ASA has announced the successful closing and completion of a 10-year sale/leaseback facility with CCB Financial Leasing Co. Ltd. (CCBFL) for the WilForce and the WilPride LNG carriers.Both vessels have been sold for a gross consideration per vessel of USD 175.0 million including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel.The vessels are chartered…

03 Jan 2020

KN Bags $148Mn Loan for its LNG Terminal

Image: Klaipedos Nafta

The Nordic Investment Bank (NIB) and Lithuanian liquefied natural gas (LNG) and oil terminal operator AB 'Klaipedos Nafta' (KN) have signed a EUR 134.1 million (USD 148 million) loan agreement to optimize costs of LNG terminal.The 25-year maturity loan will be directed to finance the rent payable for the Floating Storage and Regasification Unit (FSRU).“Through this loan agreement we are continuing to support Lithuania´s security of energy supply, a strategically important objective for our member country”…

02 Jan 2020

Grindrod Eyes Stake in IVS Bulk JV

Image: Grindrod Shipping

Singapore-headquartered provider of maritime transportation services in the drybulk and product tanker sectors, Grindrod Shipping Holdings is planning acquisition of an additional 33.25% stake in its IVS Bulk joint venture."Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%," said a press release from the provider of dry-bulk and liquid shipping services.

23 Dec 2019

Asia Boosts IMO Technical Cooperation

Image: International Maritime Organization (IMO)

The International Maritime Organization (IMO), Thailand’s Ministry of Transport and the United Nations Economic and Social Commission for Asia (UNESCAP) have recently organized the second regional Knowledge Partnership Workshop in Asia in Bangkok,The workshop was designed to support maritime technical cooperation activities in the region.The workshop brought together officials from transport ministries, responsible for maritime affairs, and finance ministries, responsible for official development assistance.

23 Dec 2019

MOL Secures Green Loan for LNGBV

File Photo: MOL

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of the world's largest liquefied natural gas bunkering vessel (LNGBV).The 18,600 cubic meters (cbm) LNGBV for Total will be owned and operated by MOL. Last year, Total and MOLsigned a long-term charter contract for a pioneer LNG bunker vessel.The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), with both banks acting as Mandated Lead Arrangers and BNPP acting as Sole Green Structuring Advisor.

20 Dec 2019

CMA CGM: Terminal Deal with China Merchants Complete

A file image of a CMA CGM boxship (CREDIT: © CMA CGM)

CMA CGM said on Friday it had finalized an agreement with China Merchants Port Holdings Co.

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