Finance Facility News

The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the National Bank of Fujairah (NBF) signed a five-year $108 million debt finance facility with Hartree Maritime Partners, LLC (HMP), the shipping affiliate of Hartree Partners, a global energy and commodities firm, with the aim to help boost maritime sustainability.The facility, in which APICORP acted as the Mandated Arranger and Facility Agent, will be utilized to finance HMP’s purchase of two eco-friendly very large crude carriers (VLCC).

Goldilocks Investment Company, an Abu Dhabi-based fund managed by ADCM Altus Investment Management, said on Monday it had bought an 18.32 percent stake in Gulf Navigation Holding PJSC.The fund said in a statement on Monday that this includes a 4.68 percent stake in the UAE company held through a share finance facility. (Reuters reporting by Tom Arnold Editing by Alexander Smith)

Mercuria Energy Group and Aegean Marine Petroleum and  have signed a Memorandum of Understanding (MoU) making Mercuria the only lender to Aegean. Both are working towards landing a billion dollar credit deal and closer collaboration.Mercuria and Aegean have executed a letter agreement detailing the US$30 million of incremental liquidity Mercuria is providing to the Company by way of amendments and waivers to the Trade Finance Facility and other financing arrangements.With this significant step completed, the two parties intend to begin exploring a broader, global strategic partnership. Pursuant to the MOU, Mercuria will provide US$250 million and US$750 million in revolving credit facilities to finance the U.S.

Listed bunker company Aegean Marine Petroleum has entered a memorandum of understanding with Mercuria Energy Group for a billion dollar refinancing and strategic partnership, says a company press release. Aegean Chairman and independent director of the Board, Donald Moore, said, “As part of the announced strategic review, the new leadership at Aegean has, in short order, brought forward an opportunity to completely redefine and optimize the Company’s capital structure, enhance near term liquidity and position the Company for a dynamic partnership with one of the world’s largest privately held integrated energy and commodity groups. “We…

Energy trader Mercuria Group has agreed to provide a $1 billion trade finance facility to Greece's Aegean Marine Petroleum Network, the marine fuel logistics and supplies company said on Thursday, sending Aegean's stock up more than 150 percent.New York-listed Aegean Marine underwent a major leadership change this year after losses prompted an activist investor revolt to sever ties with the company founder, shipping and oil tycoon Dimitris Melissanidis.Aegean announced a $200 million write-off in early June after a new chairman, Donald Moore, was appointed in May to lead a strategic review.Shares in Aegean were up 127 percent at $1.43 as of 1359 GMT, having risen as high as $1.53.Swiss-based Mercuria will initially inject at least $30 million in cash, Aegean Marine said.Aegean Marine also

On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.

Fairstar Heavy Transport N.V. (FAIR) has signed a USD 247 million syndicated loan facility led by ING Bank. The facility provides the necessary liquidity to satisfy the outstanding payment obligations to Guangzhou Shipbuilding International (GSI) due under the construction contracts for the 50,000 DWT semi-submersible vessels FORTE and FINESSE. In addition, the facility provides Fairstar with a USD 20 million tranche for the performance bonds required under the Gorgon, Ichthys and Golden Eagle contracts.

A ceremony for the largest ever working capital guarantee issued by Atradius Dutch State Business – on behalf of the Dutch Government – took place on April 5, 2012 at IHC Merwede’s shipyard in Krimpen aan den IJssel. With this finance agreement in place, IHC Merwede will start work on the construction of two pipe-laying vessels for its Malaysian customer SapuraCrest. The ships are part of a recent offshore order worth €450 million and will install flexible pipelines in Brazilian waters, where large quantities of oil have been discovered. The delivery dates for the vessels, which will be built in The Netherlands, have been set for May and August, 2014, respectively.

PANAMA CITY, Fla. – U.S. Maritime Administrator David Matsuda today announced a $241 million loan guarantee that will allow the Eastern Shipbuilding Group of Panama City, FL, to build five platform supply vessels (PSVs) for export to Brazil, to provide service in new deepwater oil fields there. “This project means good jobs for Panama City today and a stronger economic future for our country,” said U.S. Transportation Secretary Ray LaHood. Eastern Shipbuilding Group has built eight PSVs since 2003, with three more under construction. The vessels, built for Boldini S.A.

Rising out of the ashes of receivership, Hobart, Australia-based INCAT is back with a vengeance. After a setback this past year, the company, according to CEO Robert Clifford, is "well structured for the future." And the company is on its way to a speedy recovery with 2003 as it has just received two orders for the U.S. military and at press time, announced plans to have its debts repaid to the bank by the end of January 2003. The U.S. Army Tank-Automotive (TACOM) leased its premiere Theater Support vessel for the Army from Bollinger/INCAT USA, the Australian shipbuilder's joint aluminum shipbuilding venture in Louisiana. MR/EN: It's no secret that INCAT was in receivership last year — but is now emerging out of financial difficulty.