Finance Cost News

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 back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years.Awilco LNG’s finance cost is initially expected to be reduced by about MUSD 7 annually subject to interest rate fluctuations compared to the previous financing arrangement.The bareboat rate…

India's Shipping Ministry on Thursday proposed a new model concession agreement (MCA) to attract more private sector investments in the development of port infrastructure. The proposed MCA will replace the existing agreement which came into existence in January 2008. "The proposed MCA has taken into account the suggestions provided in various reports by Member Planning Commission (2010), Indian Ports Association (IPA-2015) and Kelkar Committee Report (2015)," says a press release from the Ministry. Change in equity holding to provide exit route: The revised MCA has proposed that the Concessionaire shall hold 51 per cent equity until 3 years after Commercial Operation Date (COD) and 26 per cent thereafter for another 3 years.

Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31, 2016. Consolidated cargo across all ports handled by the company was 152 MMT in FY16, an increase of 5 percent, over corresponding period last year, including 3.35 million TEUs, up 17 percent from 2.87 million TEUs last year. Consolidated cargo for Q4FY16 stood at 37 MMT thereby continuing its leadership as the single largest commercial port in India. Consolidated total income increased by 16 percent to Rs. 7,941 crore in FY16 as compared to Rs. 6,838 crore in the corresponding period last year and consolidated EBIDTA increased by 19 percent to Rs. 4,651 crore in the current year as compared to Rs.

India’s biggest private port operator Adani Ports and Special Economic Zone (APSEZ)  is actively looking at acquisitions to complete its “string of pearls” ports strategy, reports Livemint. CEO Karan Adani is leading the drive, it adds. In India, Adani Port is looking to expand its presence in Maharashtra and West Bengal, according to the paper. In overseas markets, the company is scouting for opportunities in Sri Lanka, Bangladesh, the US and Europe, apart from the ports planned in Australia. “The overall objective is to make the group a trans-shipment port company,” one company executive has been quoted as saying. Some of the company’s key acquisitions so far include Vizhinjam port in Kerala and Dhamra port in Odisha.

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the quarter and nine months ended December 31, 2015. Consolidated total income including other income increased by 15% to Rs.5,779 crores in 9MFY16 as compared to Rs.5,006 crores in the corresponding period last year and the consolidated EBIDTA excluding other income increased by 22% to Rs.3,421 crores in the current nine months as compared to Rs.2,806 crores in corresponding period last year. Consolidated total income increased by 11 % to Rs.1,896 crores in Q3FY16 as compared to Rs.1,704 crores in the corresponding period last year and the consolidated EBIDTA excluding other income increased by 15% to Rs.

The Indian government’s has been going all out to put the growth of the Indian maritime Industry on a fast track by opening up a host of opportunities, offering goodies and putting in place new facilities. Setting the tone for his keynote address at the 9th Biennial International Conference on Ports, Shipping & Logistics organized by the Bombay Chamber of Commerce & Industry at the Taj Mahal Hotel, Mumbai, Nitin Gadkari, Union Ministry of Road Transport, Highways and Shipping, government of India assured his all out support to the head honchos of ship owning, ship manning, logistic companies, and other players of the Maritime Industry…

The Shipping Corporation of India  Limited (SCI), the largest Indian Shipping Company has reported a net profit of Rs. 49.50 crores for the quarter ended 30.06.2014. This is against the loss of Rs. 98.70 crores reported  for  the  corresponding  quarter  last  year.  Despite  the  depressed  market  conditions, operationally SCI has performed better as can be seen from the profit from operations before other income & finance cost, which stood at Rs. 11.94 crores, as against the loss of Rs. 61.11 crores during the same period last year. SCI has also benefitted from cancellation of some of its shipbuilding contracts. The Company had also reported a profit of Rs.13.24 crores during the preceding quarter of Jan - Mar 2014 after five consecutive quarters of loss.

Overall confidence levels in the shipping industry fell to their lowest level for three and a half years in the three months ended August 2011, according to the latest shipping confidence survey by leading accountant and shipping adviser Moore Stephens. Fears about overtonnaging, and continuing uncertainty about the global economy, were the main reasons for the decline in confidence. The rising cost of marine fuels was also a cause for concern. In August 2011, the average confidence level expressed by respondents in the markets in which they operate was 5.3 on a scale of 1 (low) to 10 (high), compared to 5.6 in the previous survey in May 2011.

Crude Carriers Corp. (NYSE: CRU), today reported its financial results for the second quarter of 2011. The Company reported a net loss for the quarter of $7.5 million or $0.48 per share, which compares with a $0.37 net income per share from the second quarter of 2010. The Company’s reported net loss for the quarter includes $1.7 million in general and administrative expenses related to the definitive merger agreement with CPLP and the proxy statement on Form F-4 filed with the Securities and Exchange Commission. Revenues for the second quarter 2011 amounted to $9.8 million, which is lower compared to the $20.7 million in the second quarter of 2010. The Company’s drop in revenues reflects primarily the weaker crude tanker spot market, when compared to a year ago.

* Declared a cash dividend of $0.25 per share for the first quarter of 2011. * Reported first quarter net loss of $0.5 million or $0.03 per share (“EPS”). * Earned average Time Charter Equivalent (“TCE”) of $30,050 per day for the two Very Large Crude Carriers (“VLCCs”) and $18,536 per day for the three Suezmaxes in the Company’s fleet. * Announced on May 5, 2011 that Crude Carriers Corp. entered into a definitive agreement to  merge with Capital Product Partners L.P. (“CPLP”). Crude Carriers Corp.

· Reported fourth quarter net profit of $2.4 million or $0.15 per share (‘EPS’). · Earned average Time Charter Equivalent (‘TCE’) of $26,575 per day for the two Very Large Crude Carriers (‘VLCCs’) and $23,826 per day for the three Suezmaxes in the Company’s fleet. Crude Carriers Corp. (NYSE: CRU) reported its financial results and declared a cash dividend of $0.30 per share for the fourth quarter of 2010 payable on March 2, 2011 to shareholders of record on February 23, 2011. The Company’s net profit for the quarter was $2.4 million or $0.15 per share, principally as a result of the commercial operations of our vessels that earned above the TD 3 and TD 5 indices that prevailed in the  crude tanker market during the fourth quarter of 2010…

Crude Carriers Corp. (NYSE: CRU) reported its financial results and declared a cash dividend of $0.50 per share for the second quarter ended June 30th, 2010. These results are based on 267 total fleet available days due to the staggered delivery schedule of the vessels to the company during the quarter. Had all five vessels that comprised the company’s fleet at the end of June 2010 been delivered at the beginning of the quarter, total fleet available days would have been 455. On March 17 2010, Crude Carriers completed its initial public offering (“IPO”) of 13.5 million common shares at $19.00 per share, raising net proceeds of approximately…

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of Capesize and Panamax vessels, reported its financial results for the three month period March 31, 2009. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated "We believe that Navios Partners is well positioned given the long-term employment of its fleet, averaging 4.1 years, the quality of its charter parties and the AA+ EU governmental agency insurance on all its charter-out contracts. Frangou continued, "The globally coordinated fiscal stimulus programs are beginning to affect positively the dry bulk market; the BDI recovered from its low in December 2008 to a healthier steady state in the first quarter of 2009.