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Nordea Bank News

28 Feb 2024

Swedbank Adopts Poseidon Principles

Source: Swedbank

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banksā€™ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including itsā€¦

15 Dec 2020

Ship Finance Lenders Fall Short of Sector's Carbon Targets

Ā© Alexey Lesik / Adobe Stock

Many of the worldā€™s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the worldā€™s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principlesā€¦

07 Sep 2020

Golden Ocean CFO Resigns. Successor Joins from Avance Gas

Dry bulk shipping company Golden Ocean Group said Monday that Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, had resigned.Heiberg has held the CFO since April 2016 and has worked for the company in various capacities since July 2005.Oslo-listed Golden Ocean, which owns or controls a fleet of 78 dry bulk carriers, has appointed Peder Simonsen as the new CFO of Golden Ocean Management AS. Simonsen was most recently the Chief Financial Officer and Interim Chief Executive Officer of Avance Gas AS, a company specializing in very large gas carriers.Before joining Avance Gas AS in 2014, he was First Vice President at Nordea Bank Norge ASA, where he worked with large shipping and offshore companies.

09 Dec 2018

AGR, First Geo to Merge

Norwegian offshore oil and gas consultancy and services companies First Geo (owned by Akastor), and AGR Bidco are set to merge."Akastor AS (Akastor), has entered into agreements with Silverfleet Capital, DNB Bank ASA and Nordea Bank Abp, filial i Norge (together the AGR stakeholders) to combine AGR Bidco AS (AGR) with First Geo AS," said a press statement.The Transaction will be carried out primarily as an asset deal, whereby assets in the current AGR legal structure and three legal entities will, together with First Geo, be transferred to a new legal structure, which in turn will be transferred to Akastor to establish the merged company.The merged company will be named AGR. Akastor will hold 100% of the shares in the company and 55% of the economic interest.

06 Dec 2018

Nordea to Boost Finance for LNG Shipping

Ā© Bjƶrn Wylezich / Adobe Stock

Nordea Bank aims to increase shipping finance activities to the growing liquefied natural gas (LNG) industry, executives at one of the world's biggest shipping financiers said.China's crackdown on pollution and its growing demand for more environmentally friendly sources of power, such as LNG, are boosting demand for ships to transport the fuel."We would like to expand the portfolio and there are certain segments that we would like to expand in. One of them is on the LNG sideā€¦

06 Jul 2018

KONGSBERG to Acquire Rolls-Royce Commercial Marine

Kongsberg Gruppen ASA (KONGSBERG) today entered into agreement with Rolls-Royce plc to acquire Rolls-Royce Commercial Marine, a world leading technology business within maritime operations. The transaction is structured as an acquisition by KONGSBERG of the marine products, systems and aftermarket services businesses carried out by subsidiaries of Rolls-Royce plc. The transaction does not include Bergen Engines nor Rolls-Royce's Naval Business. The parties have agreed a value for Rolls-Royce Commercial Marine of GBP 500 million (on a cash and debt free basis and with working capital at an agreed level). The final purchase price, will be determined based on Rolls-Royce Commercial Marine's cash, debt and working capital at time of completion of the transaction.

18 Oct 2017

Scorpio Bulkers Lines Up New Loan Facility

Scorpio Bulkers announced that the Company has received a commitment for a loan facility of up to $85.5 million from Nordea Bank AB (publ), New York Branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to finance up to 60% of the market value of the six Ultramax vessels the Company has recently agreed to acquire. The loan facility has a final maturity date of February 15, 2023 and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities. The loan facility is subject to customary conditions precedent and the execution of definitive documentation. Scorpio Bulkers is a provider of marine transportation of dry bulk commodities.

04 Oct 2017

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigsā€¦

26 Jun 2017

Cargotec Refinances EUR 300 mln Credit Facility

Cargotec Corporation entered into an EUR 300 million multicurrency revolving credit facility with a syndicate of its six relationship banks on 26th June.    The facility carries a tenor of five years including two one-year extension options. The purpose of this facility is to refinance the existing EUR 300 million multicurrency revolving credit facility, maturing in January 2019.    With this facility, Cargotec strengthens its long-term liquidity and takes advantage of the favourable market conditions.   The facility was coordinated by SEB and the Mandated Lead Arrangers and Bookrunners are Citi, Danske Bank, Nordea Bank, OP Corporate Bank, SEB (Facility Agent) and Standard Chartered Bank.

08 Jan 2017

Euronav Gets Credit Line of $ 410mln

Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronavā€™s general corporate and working capital purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%. Hugo De Stoop, CFO of Euronav said: ā€œThis new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

06 Jan 2017

Euronav Secures Loan for VLCC Refinancing

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronavā€™s general corporate and working capital purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25 percent. Hugo De Stoop, CFO of Euronav said, ā€œThis new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

28 Sep 2016

Maersk, Danske and Nordea to shed Ship Finance Stakes

A.P. Moller-Maersk , Danske Bank and Nordea Bank will sell their shareholdings in shipping lender Danish Ship Finance worth 4.25 billion Danish crowns ($638.05 million) to a consortium of Danish investment funds, the company said Wednesday. The company, which distributes loans to shipping companies based on vessel mortgages, will be taken over by Danish pension funds PFA, PKA as well as Nordic equity fund Axcel. The deal values the company at 4.72 billion crowns, the company said. The divestment comes less than a week after shipping giant A.P. Moller-Maersk said it would split into two units and focus on its container shipping business.

09 Sep 2016

Sovcomflot $ 1.26 bln Debt Financing Complete

SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank. The funds raised are being used to finance the acquisition of nine ice-class tankers and two multifunctional icebreaking supply vessels as well as for refinancing of the Groupā€™s existing bank debt.

07 Jul 2016

Scorpio Tankers Receives Commitment for Loan Facility

Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to refinance the existing indebtedness on 16 MR product tankers, has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.5 percent per annum. The loan facility will be comprised of a term loan up to $200 million and a revolver up to $100 million, and the availability can be used to finance up to 60 percent of the fair market value of the respective vessels. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

04 Apr 2016

Primorsk Shelves Restructuring Plans

Russian tanker player Primorsk International Shipping has dropped its restructuring plans in favour of pushing through asset sales, reports WSJ. This is what Primorsk's lawyers told a bankruptcy court in Manhattan on Friday. Creditors have until Wednesday to object to the motion. Primorsk took the decision as Nordea Bank and other lenders, who are owed around $263m, are pushing the Cyprus-registered line to sell ships as they feel its restructuring plan is unrealistic. Two deadlines written into a routine cash-spending motion fast-track the sale and could prove controversial with creditors. The deadlines give the company two weeks to find a broker to facilitate the sale and to then draft rules governing the auction process, which must be approved by the court.

02 Sep 2015

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as Mandated Lead Arrangers and Bookrunners and Crédit Agricole Corporate and Investment Bank acting as Lead Arranger whilst KBC Bank NV, Scotiabank Europe plc and Société Générale acting as Co-Arrangers. The additional lenders are Belfius Bank SA/NV and HSBC Bank plc. Nordea is also the facility agent.

19 Nov 2014

Dryships Achieves Refinance of 5% Convertible Notes

DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. *  On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility. We expect to draw down under this facility during the week commencing Monday, November 24, 2014. *  On November 14, 2014, the Company signed definitive documentation for the ABN AMRO $200 million secured bridge loan facility. We expect to draw down under this facility during the week commencing Monday, November 24, 2014.

06 Nov 2014

Sanctions Bite Russian Arctic Oil Shippers

Photo: United Shipbuilding Corporation

Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector. Sanctions imposed on Russia by the United States and European Union over Ukraine have targeted the delivery of oil technology, goods and services, aiming to make it impossible for Moscow to access new oil sources. The world's largest energy exporter, Russia relies on oil and gas exports for about half its federal budget.

06 Nov 2014

DryShips Reports 3Q 2014 Results

DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2014. ļƒ˜ For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. - Non-cash write offs and breakage costs associated with the full refinancing of Ocean Rig's $1.35 billion Senior Secured Credit Facility, totaling $22.0 million or $0.05 per share. Excluding the above items, the Company would have reported net income of $29.8 million, or $0.07 per share.

24 Oct 2014

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m. Euronav plans to use the funds to refinance four Suezmax tanker vessels, finance the acquisition of four very large crude carrier tankers from Maersk and for general corporate purposes. The ships financed under the facility are registered on Belgian, Greek and French flags.

09 Sep 2014

DHT Holdings to Acquire Samco Shipholding

Photo: Samco Shipholding

DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company incorporated under the laws of the Republic of Singapore. Samco owns and operates a fleet of seven very large crude oil tankers (VLCCs) with an average age of approximately 4.5 years. Five of the vessels are currently on time charters to oil majors. Included in the transaction is Samco's 50% ownership in Goodwood Ship Management Pte. Ltd., a private ship management company incorporated under the laws of the Republic of Singapore.

06 Aug 2014

DRYSHIPS Financial & Operating Results for 2Q, 2014

DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second quarter ended June 30, 2014. and diluted loss per share. compared to $112.3 million for the second quarter of 2013. $1.3 billion on that date. Consequently, an amount of $75 million which was previously restricted under the $1.35 billion facility was released to Ocean Rig. The new Term Loan B facility is secured primarily by first priority mortgages on the drillships, Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena, bears interest at LIBOR plus a margin, and matures on July 25, 2021.

25 Jul 2014

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB"). The total amount available under the facility has been increased by $53 million to $225 million. Ardmore explain that the proceeds from the expanded facility will be used to finance up to 65% of the purchase price of three recent vessel acquisitions. The facility will be an amortizing senior term loan with final maturity in early 2021. The covenants and other conditions are consistent with the original facility. "Furthermore, we are in late-stage discussions with a leading shipping bank on a credit facility for the Ardmore Seamariner and expect to finalize this agreement in the near term.

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