Maritime Finance News

Tanker owner/operator Ardmore Shipping Corporation on Wednesday announced the planned departure of its current chief financial officer Paul Tivnan and appointment of new CFO Bart Kelleher, effective September 28, 2022.Anthony Gurnee, Ardmore's chief executive officer, said, Kelleher and Tivnan will overlap and work together from September 1 to "achieve an orderly and well-planned transition".Kelleher brings to the role more than 25 years of progressive experience in the maritime, finance, energy and industrials sectors, having most recently served as chief executive officer of Chembulk Tankers. He previously served as both Chief Strategy Officer and Chief Financial Officer of the firm, and prior to that, was the chief operating officer of Principal Maritime Management.

CIT, a division of First Citizens Bank, announced that its Maritime Finance business has recently increased its financing of shipping and logistics company Crowley to a total of $57 million as part of a larger credit facility. This financing applies to multiple Crowley vessels. "Crowley has a heritage of reliable shipping of more than 130 years, and this financing will help continue that safe and reliable service with a focus on innovation," said Vice President and Treasurer Steve Himes of Crowley.

Global law firm K&L Gates LLP has added Felisa Sanchez as of counsel in the maritime and finance practices. She joins the firm’s Houston office from Foley & Lardner LLP.Sanchez focuses her practice on a wide variety of corporate, finance, and commercial matters for domestic and international clients in the financial services, maritime, transportation, and energy sectors. She has nearly 20 years of experience representing public and private companies in complex transactions, including maritime financings and restructurings…

Singapore has held onto its spot atop the list of the world's best maritime cities, according to a recent report from classification society DNV and Menon Economics.The 2022 edition of the Leading Maritime Cities (LMC) report launched Thursday provides fresh insights into which global hubs offer the best infrastructure, technology, finance, and world-class talent, to help the maritime community connect and prosper.There have been many dramatic developments since the last edition of the LMC report was published in 2019. For one, we are still living with the pandemic.

Container ship opertor MPC Container Ships has entered into a $70 million three-year revolving credit facility agreement with CIT Group. The company said the loan had attractive terms.MPC Container Ships,  registered in Oslo, Norway, said it had already made an initial drawdown of $40 million to refinance existing debt, and the rest would be used for vessel upgrades and other general purposes."As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes," MPC Container Ships said.MPC Container Ships CEO Constantin Baack said: "Having secured significant charter backlog…

Connecticut-based maritime finance company FDX Offshore has acquired Singapore’s tanker pool operator Womar Logistics. Watson Farley & Williams (WFW) advised FDX Offshore on its acquisition.The partnership intends to expand its chemical tanker pools as well as initiate and grow independent pools in other classes of ships.FDX is led by Managing Partner Jake Scott and Partner Andy Tuchman who will both become Womar board members. Formed in 2013, FDX has been providing financial advice and capital sourcing to maritime and energy projects.Incorporated in early 2009, Womar began as a 50/50 joint venture between Heidmar and other investors. In April 2014, BW Group acquired Heidmar’s 50% stake in Womar.

Hoegh LNG on its first ever sale and leaseback deal with China Construction Bank Financial Leasing (CCBFL) for its tenth Floating Storage Regasification Unit (FSRU), the Hoegh Galleon, which was delivered yesterday (August 27) and has been taken back on charter by Hoegh LNG for twelve years.Following the completion of the transaction, Hoegh LNG is now fully funded with both equity and debt for its current newbuilding program, which will be completed with the delivery of Hoegh Galleon in August 2019.The Hoegh Galleon has been employed on an 18-months interim LNGC time charter with Cheniere before its intended long-term charter with AIE in Australia…

London-based international law firm Watson Farley & Williams (WFW) advised Teekay Offshore Partners  on two separate fleet refinancings with a combined value of US$550mln.First was a US$100m revolving credit facility (RCF) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m.The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.Second was a US$450m RCF for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated 8 September 2017 and for general corporate purposes.

Norwegian shipowner MPC Container Ships, which provides feeder tonnage, has entered into a USD 40 million three-year revolving credit facility agreement.The deal was signed with New York-based CIT Group at “attractive terms”, MPC Container Ships said.Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes, it said.Constantin Baack, CEO of MPC Container Ships, said: "We are very satisfied with the cooperation demonstrated by CIT's Maritime Finance team and their support in further positioning MPC Container Ships as a leading tonnage provider within the feeder container space."Constantin added: "With the new credit facility…

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both Canadian and Norwegian export credit agencies and commercial banks.The vessels covered are four Suezmax DP2 shuttle tankers due for delivery in 2019 and 2020, two of which will work under Teekay Offshore’s Master Agreement with Norway’s Equinor…

Singapore has been ranked the world's top maritime capital for the fourth consecutive time in the Leading Maritime Capitals of the World (LMC) report. The Leading Maritime Capitals report for 2019 is with fresh insight on which maritime metropolises provide the best support for companies in shipping and related services.Criteria include soft and hard infrastructure and access to world-class talent and services – all key components that maritime businesses need to thrive in their chosen locations.Singapore maintained its top position at the head of the 15 leading maritime capitals. Despite a somewhat weak trade cycle in traditional shipping and offshore oil and gas markets yet to recover…

As the global cruise industry enjoys it most robust period of growth ever, the question invariably becomes: How long can it last?Cruising, which is a blend of the hospitality and maritime businesses, continues to grow at a historic pace. The Cruise Trends & Industry Outlook publication from Cruise Lines International Association (CLIA) projects a passenger count of 30 million in 2019 – up nearly 2 million from the previous year. By year end 2019 CLIA members – a veritable ‘who’s who’ of the largest brands – will have 272 vessels…

The 2018 report on the “Leading Maritime Nations of the World” ranks China as the world’s leading maritime nation, placed among the top four on all the maritime pillars in the ranking. China’s position is particularly strong in shipping and ports & logistics.The study conducted by Menon Economics benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success. DNV GL and Menon Economics presented the report at the SMM trade fair in Hamburg.The USA is placed second, scoring high in all four dimensions, followed by Japan.

China earns cruise newbuild business, aims for ship financeWhile China has steadily built shipbuilding market share, cruise ship construction –  more specifically mastering the logistical complexities inherent in cruise ship design, outfit and construction – has proved elusive. But it appears that Chinese shipbuilders have turned the corner, with contracts signed for the first cruise newbuilds. We were in Tianjin, China, earlier this year for the 4th Annual China Maritime Finance Forum for a look behind the covers of passenger vessel in China…

The global provider of maritime services V.Group has appointed Junshan Zou to build, lead and drive V.Group’s activities in China, including business development, ship management and marine services. Speaking about this appointment, Alastair Evitt, Group Managing Director for V.Group’s Ship Management East division said: “We have made a long-term commitment to growing our business in China and I am delighted that Junshan Zou is joining us at what is an exciting time for the Group. Junshan has more than 20 years’ experience in maritime related businesses, building on his early academic and research career with the Shanghai Maritime University. He is the sole author of the book Port Economics and a co-author of two books – Transportation Economics and Management of China National Economy.

V.Group said it has appointed Junshan Zou to build, lead and drive V.Group’s activities in China, including business development, ship management and marine services.“We have made a long-term commitment to growing our business in China,” said Alastair Evitt, Group Managing Director for V.Group’s Ship Management East division. “This new role will enable us to focus our efforts on growing all aspects of V.Group’s business including expanding our pool of Chinese seafarers to meet the future growth needs of the market.”Zou has more than 20 years’ experience in maritime related businesses…

Last week in Tianjin, China, the Intercontinental Tianjinyujiapu Hotel & Residences played host to The 4th China Maritime Finance (DFTP) Summit, a two-day event which saw nearly 800 delegates from across China gather for discussions on all matters maritime finance, including day one, Wednesday, April 25, dedicated exclusively to the growth and future for China’s cruise industry. As the exclusive international media outside of China to cover the event, Maritime Reporter & Engineering…

The International Maritime Centre (IMC) 2030 Advisory Committee, established by the Maritime and Port Authority of Singapore (MPA) in August 2016, has submitted the IMC 2030 Strategic Review report to the Singapore Government. The Committee’s vision is for Maritime Singapore to be the Global Maritime Hub for Connectivity, Innovation and Talent. The Committee, chaired by Mr Andreas Sohmen-Pao, Chairman of BW Group, comprises 21 other global business leaders and experts from diverse sectors such as maritime, finance, commodities trading, logistics, finance and technology. The Committee reaffirmed that Singapore’s global hub port and IMC remain complementing twin engines of growth for Maritime Singapore.

CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests. The fleet includes two Handysize (MRs) and six Long Range (LR1s) tankers originally belonging to Omega Navigation. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed. “This transaction represents our first financing of a fleet of modern product tankers acquired in the secondary market,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance.

An experienced team of shipping, offshore and finance professionals are pleased to announce the intention to establish Maritime & Merchant Bank (M&M) a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide. The newly formed project company, Maritime & Merchant AS (M&M AS), will file a banking license application on behalf of M&M during the autumn of 2013. The main sponsoring shareholders of M&M AS are currently Arne Blystad…

CIT Maritime Finance has entered into a Cooperation Agreement with RS Platou Finans AS that will help them expand into the leasing market. CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. “Through this agreement CIT Maritime Finance will have access to the RS Platou Group network of services, which will help us to further build a high quality portfolio of maritime assets,” said C. Jeffrey Knittel, President, CIT Transportation Finance. RS Platou Finans AS was established 2004 as part of the RS Platou Group.

In an interview the departing head of the KfW IPEX-Bank Maritime Industries department, Dr. Carsten Wiebers offers insight into the facets of international ship finance as well as the challenges it currently faces. His successor Holger Apel casts a glance into the future. Carsten, KfW IPEX-Bank is once more stepping up its presence at SMM. Why? SMM is increasingly becoming a platform for topics beyond technology, such as environmental regulation or market intelligence. We meet with experts of the shipbuilding and manufacturing industry to discuss how to support their sales efforts.

CITIC Maritime Finance says it has provided a $46.4 million senior secured credit facility to Epic Gas Ltd. headquartered in Singapore, which operates a fleet of  40 LPG and petrochemicals tankships. CITIC add that the facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.