Interbank News

China’s exports and imports are expected to record double-digit declines in April after a tentative recovery in March as the coronavirus pandemic batters global demand and disrupts manufacturing supply chains, a Reuters poll showed on Wednesday.The pessimistic projections reinforce concerns that the collapse in global demand will restrain the recovery in the world’s second-biggest economy as it gets back on its feet after weeks of paralysis due to the virus outbreak.Shipments out of China are likely to have fallen 15.7% in April from a year earlier…

Kirby Corporation has announced that it has entered into an amended and restated credit agreement with a group of banks.The Credit Agreement, among other things:Extends the term of Kirby’s existing $850 million revolving credit facility to March 27, 2024 (the “Maturity Date”);Adds a new five-year term loan facility in the amount of $500 million which is repayable in quarterly installments commencing June 30, 2020 in increasing percentages of the original principal amount of the loan;Has a variable interest rate based on the London interbank offered rate (“LIBOR”), or a base rate calculated with reference to the agent bank’s prime rate, and varies with Kirby’s credit rating; andAllows for borrowings to be used for general corporate purposes including acquisitions. JPMorgan Chase Bank, N.A.

Evergreen Holding Group, an unlisted company that specialises in building boats, issued a warning on Friday that it may have trouble making coupon and interest payments on a bond maturing on May 15. The company said in a statement on the website of the China interbank market operator that it was unsure if it would be able to make payment in regard to a 0.4 billion yuan ($61.6 million) short-term commercial debt due on May 15. The announcement follows a series of bond default warnings and cancelled issuances in China as pressure on the bond market rises. Reporting by Shanghai Newsroom

Port and Free Zone World (PFZW), the holding company for Dubai-based ports operator DP World, has closed a $1.2 billion loan deal, banking sources aware of the matter said on Wednesday. The funds have a lifespan of five years, and will be used to help the company meet commitments at the group and subsidiary levels, two separate sources said. PFZW is part of Dubai World, which is currently close to securing a renegotiation of terms on $14.6 billion of debt that was originally restructured in 2011. A spokesman for PFZW declined to comment when contacted by Reuters. Citigroup, Emirates NBD and HSBC arranged the deal and were joined by a group of seven other banks, two Dubai-based sources said.

We are often “not aware of what we do not know.” Nowhere is that adage more appropriate than in the world of marine finance, especially for the smaller workboat operator. Lost amidst the sometimes confusing language and ‘mumbo-jumbo’ that lenders and lessors use in describing their sometimes arcane products, it is a fact that, often, ‘the devil is in the details.’ Therefore, it never hurts to review what we think we might already know. With the so-called subchapter M towboat rules still lurking perhaps just around the corner…

China Shipbuilding Industry (CSIC) plans to issue RMB 1-billion in sale of unsecured medium term notes According to a 'China Knowledge' report, China Shipbuilding Industry Corp or CSIC, the parent of China Shipbuilding Industry Co Ltd<601989 >, has said that it plans to issue RMB 1 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Jun. 28. Proceeds from the offering will be used to replenish the company’s working capital.

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

Shipping accountant Moore Stephens said that, despite the current economic downturn, shipping is still a good business to be in, and that resourceful investors will find opportunities to expand, or to get back into shipping, over the next twelve months. Julian Wilkinson, head of the Moore Stephens shipping team, said, “Shipping enters 2009 with at least one certainty – the good times are over for now. The easy money has dried up, the old ships have been scrapped or are laid up and there are no prospects of markets going up any time soon. But, in a cyclical industry, sensible players make money whichever way the market moves. Writing in the firm’s Bottom Line newsletter…

Jose F. Serrano, chairman and chief executive officer of Grupo TMM, said, "Despite weak global economic conditions, in the third quarter of 2008 TMM reported a revenue increase of 24.1 percent, net income of $14m and earnings per share of $.25. The Maritime division continues to produce solid results, confirming our strategy to grow revenues by acquiring vessels. With the acquisition of new vessels in 2008 and 2009, TMM will manage a significantly larger owned fleet than in the past several years. The increase in the number of owned vessels is a direct result of the completed funding of our peso denominated 20-year Trust Certificates Program, which is non-recourse to the Company, and our commitment to capitalize on the growing demands for oil distribution and exploration in .

Much as has transpired in mainstream consumer markets, the dot com craze has recently enveloped the maritime world with promises of cost savings and operational efficiencies. While an attrition and natural process of consolidation can eventually be expected, the world of e-commerce solutions for the maritime market is definitely in its infancy. While it is impossible to judge the full working models in this report, the following text contains synopsis reports on some of the more noteworthy market entrants. Recently launched by Boston-based WebPark Corp., Boat-Park.com is an on-line virtual trade show, which seeks to bring together worldwide participants into its virtual trade show, which is open 24/7.

Maritime business commerce has changed rapidly over the last decade. In order to stay competitive, companies are increasingly inventing more efficient ways to conduct business. The advent of the Internet has created new tools to negotiate and complete business transactions for all major industries. Electronic commerce ("e-commerce") in particular, is revolutionizing the way industries transact all business. The buzzwords of today's marketplace are speed, accuracy and efficiency. Businesses are turning to the Internet as an outlet to increase sales and market share. A successful transition from paper to electronic business, however, requires a well-established electronic and legal infrastructure in order to succeed.

Hornbeck Offshore Services, Inc. has closed on a new five- year senior secured revolving credit facility that increased the amount of the borrowing base, extended the maturity, lowered the interest rate and improved the financial flexibility of the covenant package of the Company's prior revolving credit facility, commensurate with its enhanced credit standing. The new revolving credit facility has increased the Company's borrowing base from $60 million to $100 million, with an accordion feature that allows for the potential expansion of the facility up to $250 million in total. The new facility has also extended the maturity of the prior facility from February 2009 to September 2011.

Don't travel to Ukraine at the dawn of the new millennium. Avoid Russian airports, take extra cash to Egypt, and don't get sick in the Philippines. Be wary of air traffic control at some Indonesian airports and don't even try to fly Air Seychelles - all flights are cancelled over the New Year, just in case. Britain unveiled the first installment of its global guide to the millennium Sept. 14, setting out how far 50 countries have gone towards overcoming the Year 2000 problem and warning travelers and businesses about potential blackspots. The report released on a Foreign Office website (www.fco.gov.uk) outlines preparations for millennium compliance in key areas including transport, the economy, health, water, energy and communications.