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Financial Solutions News

18 Aug 2020

Plaquemines Port to Build Mississippi River Container Terminal

Plaquemines Port Harbor and Terminal District (PPHTD) said it has signed a letter of intent (LOI) with several potential partners to development a multi-modal container terminal on the Mississippi River in Plaquemines Parish, La.The signing of the LOI kicks off a six-month due diligence period during which the parties will conduct multiple studies prior to making a final investment decision (FID).The proposed container terminal would encompass up to 1,000 acres and 8,200 feet of Mississippi River frontage just 50 miles from the Gulf of Mexico.

22 Oct 2019

CMA CGM Launches Trade Finance Service

French shipping line CMA CGM has launched Shipfin Trade Finance (STF) , its new range of financing services dedicated to importing and exporting, in partnership with invoice finance platform Incomlend.The STF portfolio of products is, according to the carrier, “simple, reliable and rapid,” offering importers and exporters tailored financial solutions ranging from extended payment terms to financing advances.CMA CGM Group further explained that it wants to support its customers’ business through financing solutions tailored to their needs. The Group is putting its expertise and presence in 160 countries around the world at the service of its customers’ international development."With a dedicated team of experts based in the Group’s headquarters in Marseille…

23 May 2019

Fugro Cancels, McDermott Extends CSV Charter

The provider of geo-intelligence and asset integrity solutions for large constructions, infrastructure and natural resource, Fugro has cancelled a charter with Oceanteam for construction support vessel (CSV) Southern Ocean off Australia as the unit has been delayed while working on its current job off India.Meanwhile, McDermott has awarded a charter extension to the Southern Ocean for operations offshore India."As a result of the cyclone hitting the Indian coast early May, expected scope of work undertaken by the CSV Southern Ocean could not be finalized during the charter period," said a press release from Oceanteam.Both charterer (McDermott) and the Vessel owner…

08 Dec 2017

Preparation Propels Financial Peace of Mind

Š Corlaffra / Adobe Stock

Like marine coatings, preparation is everything when it comes to sourcing and attracting marine finance support. If you’re familiar with the maritime industry at all, this won’t come as a shock: we’ve seen better days. Like many industries, this is one that goes up and down and, right now – depending of course on sector your focus resides – we’re pretty far down. This severe downturn began in late 2014 and we’ve seen many financing sources exiting the offshore market since. It seems that lenders have zero interest in lending into the U.S. Gulf of Mexico.

13 Nov 2017

Eye-share Partners with Eiger Marine

Eye-share and Eiger Marine form a partnership to offer the best invoice automation system to maritime customers in Greece and Cyprus. Eye-share partners with Eiger Marine. This partnership forms part of our strategy to partner and co-operate with leading providers of business process improvement solutions for the maritime sector in order to reach new, important customer segments. The alliance will offer customers in the maritime sector a complete solution for invoice and document automation with Eye-share’s main product; eye-share Invoice. “eye-share Invoice is used in 44 countries worldwide and is tailor-made for the shipping industry. The partnership with Eiger Marine is a great opportunity to reach out locally to Greece and Cyprus.

07 Mar 2016

SSI's Roadmap To 'Sustainable Shipping Industry By 2040'

London – 7 March 2016 - The Sustainable Shipping Initiative (“SSI”), a pioneering coalition of companies from across the global shipping industry, today launched its Roadmap, a set of key milestones and priorities which must be met in order to create a sustainable shipping industry by 2040. The development of the Roadmap embodies the core attributes and values of SSI’s membership in working together to evaluate and establish the tangible change that will be needed to create a sustainable industry. “Our members have shown considerable commitment, as well as investing their knowledge and expertise to define a Roadmap, which truly encapsulates what needs to be delivered to create a more sustainable industry.

30 Nov 2015

Damen’s Norway Foray

Aquaculture Designs: Damen’s STD-UV 3711

The Damen Shipyard Group’s man in Norway likes picking up the phone these days. With offshore markets in the doldrums, a unique phenomenon is occurring: “Norwegians are talking to me,” said Damen’s Norway sales boss, Remco Hottentot. Three years after opening shop in oil town Stavanger, Hottentot is expanding with a new Aalesund branch. From offshore supply and service to wind parks, fisheries and construction workboats, the Damen offices mark the existence in Norway of valuable alternate ‘value,’ also known as choice. We reach Mr. Hottentot during his whirlwind tour of arctic Norway.

09 Sep 2015

Caterpillar Launches Asset Financial Solutions

Press Release - Caterpillar Oil & Gas has announced the introduction of Asset Financial Solutions, a financial product that provides 100 percent financing new offshore or marine assets. The new solution enables Caterpillar to offer customers a tailored solution to optimize their business and expand their fleets without raising additional capital or taking on project construction risk. “Our message is clear: we have a proprietary new financing model for the offshore industry that can help our customers succeed and grow despite down cycle market conditions,” said Antti Ekqvist, Caterpillar Oil & Gas global offshore manager. The Asset Financial Solution aims to afford customers zero project risk from the onset.

12 May 2014

GasLog Partners Announce Closing of its IPO

GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, were approximately $186 million. The proceeds from the offering were used principally to reduce indebtedness and for general partnership purposes, with the remainder distributed to GasLog Ltd. (“GasLog”) (NYSE:GLOG).

18 Apr 2013

Intelsat Commences Proposed IPO

Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the “Series A preferred shares”) at a price of $50.00 per share. On the mandatory conversion date, May 1, 2016, each Series A preferred share, unless previously converted, will automatically convert into common shares. The Series A preferred shares will have a 5.75% dividend rate and a liquidation preference of $50.00 per share. The Company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 2,898,550 common shares.

02 Apr 2013

Intelsat Proposes Public Offering of Common Shares

Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the "Series A preferred shares"). The offerings are being made pursuant to a registration statement on Form F-1 filed with the Securities and Exchange Commission. The company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 3,260,869 common shares. The company has granted the underwriters in the public offering of Series A preferred shares a 30-day option to purchase up to an additional 450…

29 Nov 2011

Interferry: Low-Sulfur Timetable is ‘Mission Impossible’

Trade association Interferry says that ferry operators in northern Europe face a near-impossible choice in trying to meet the 2015 deadline for ultra-low sulphur emissions from bunker fuel. The association also warns that the low-sulphur legislation will prompt an environmentally damaging modal shift from short-sea to overland transport and pose severe financial implications for the overall European economy. Under pending IMO and soon to be agreed European Union (EU) environmental requirements, vessels operating in the Baltic, North Sea and Channel Emission Control Areas (ECAs) will have to comply with a 0.1% limit on fuel sulphur content.

28 Nov 2011

Interferry: low-sulphur timetable ‘mission impossible’

Johan Roos, executive director of EU and IMO affairs

Trade association Interferry says that ferry operators in northern Europe face a near-impossible choice in trying to meet the 2015 deadline for ultra-low sulphur emissions from bunker fuel. The association also warns that the low-sulphur legislation will prompt an environmentally damaging modal shift from short-sea to overland transport and pose severe financial implications for the overall European economy. Under pending IMO and soon to be agreed European Union (EU) environmental requirements…

29 Apr 2009

Latest Incat Catamaran Acquired by LD Lines

Incat announced the acquisition of its latest 367.5 ft high speed catamaran by France’s LD Lines. The largest ever fast ferry to operate on the cross channel routes between England and France will enter service between Dover and Boulogne on 29 May 2009. The new fast ferry will be the first-ever freight carrying high speed vessel to operate across the Dover Straits and LD Lines becomes the first-ever French ferry company to operate high speed ferries on the short sea routes from Dover.

04 Apr 2002

As Banks Step Down, Equipment Finance Companies Step Up

Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.

24 May 2007

USN Awards 391 Contractors

The U.S. Navy is awarding indefinite-delivery/indefinite-quantity multiple award contracts to 391 contractors that will provide for their competition for service requirements solicited by Naval Sea Systems Command, Naval Air Systems Command, Space and Naval Warfare Systems Command, Naval Supply Systems Command, Military Sealift Command, Naval Facilities Engineering Command, Strategic Systems Programs, and the United States Marine Corps. The 22 functional service areas within the scope of the contracts include 1. Research and Development Support. 2. Engineering System Engineering and Process Engineering Support. 3. Modeling, Simulation, Stimulation, and Analysis Support. 4. Prototyping, Pre-Production, Model-Making, and Fabrication Support.

27 Aug 2001

Cummins,CitiCapital Launch Alliance for Finance

Cummins Inc. and CitiCapital have reached an agreement to promote a co-sponsored marine finance program. Under the agreement customers who purchase Cummins engines for various commercial vessels will receive exclusive finance products provided by CitiCapital. This agreement demonstrates the cooperative efforts of both companies by bringing together the premier manufacturer of marine engines and the world's largest financial services conglomerate. The agreement will initially cover the U.S. "Financing solutions are critical with any marine projects, whether it's a new vessel or a major repower. Cummins Marine customers deserve the very best in products and services.