Australian Coal Port's Loan Terms Linked to Social, Emissions Goals
Australia's Port of Newcastle has signed a A$515 million ($398 million) loan with National Australia Bank (NAB) that links interest payments to non-mandatory social and environmental targets, the companies said.The world's largest coal port will pay less if certain targets are met, including reducing its direct and indirect greenhouse gas emissions and screening all customers for modern slavery risks, they said in a joint statement.The loan also contains metrics focused on mental health first aid…
RBS to Exit Greek Shipping Portfolio
Royal Bank of Scotland Group PLC is winding down its Greek operation and is looking to sell its USD5 billion shipping loans portfolio, Reuters reported on Saturday. Citing finance sources familiar with the plans, Reuters said the move was part of the UK state-backed bank's efforts to shrink its international business. Part of a wider strategy by the bank to shrink parts of its international business, the decision comes as Greece makes a final attempt with international creditors for a bailout and to prevent a financial meltdown in the country. The RBS has been involved in shipping finance for more than 250 years and is one of the world's leading banks in shipping finance. RBS is the leading lender to the Greek shipping market.
Odfjell – Sale & Leaseback of Ship
On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m. Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back. The transaction is entered into with a subsidiary of nabCapital, the institutional banking and capital markets division of National Australia Bank Limited. The ship will be delivered to its new owner in November. The ship will continue in the Odfjell Tankers Pool and will continue to be managed by Odfjell. (www.odfjell.com)
