Sace News

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 banks’ 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 its…

Fratelli Cosulich Bunkers (S) Pte Ltd. christened and launched its second Small Scale LNG carrier - the Paolina Cosulich - at the CIMC SOE shipyard in China.The event  was attended by Diana Mok - Managing Director at Fratelli Cosulich Bunkers (S) Pte Ltd, acting as the godmother of the vessel. Paolina Cosulich will sail under the Italian flag with Captain Vincenzo Scotto at the helm. The 5,300 DWT vessel can carry 8,200 m3 of LNG and 500 m3 of MGO and will be fitted with Wartsila's Dual Fuel technology.Boil off management techniques will be used by the LNG subcooling plant…

Alice Cosulich, the first of two Small Scale & Bunker Vessels for Fratelli Cosulich Group was recently christened and luanced at the CIMC SOE shipyard in China.Giulia Cosulich, ESG Corporate Director at Fratelli Cosulich Group, acted as the godmother of the vessel.Alice Cosulich and will sail under the Italian flag with Captain Vincenzo Scotto at the helm.The vessel, which has a 5,300 DWT and can carry 8,200 m3 of LNG and 500 m3 of MGO, will be fitted with Wartsila’s Dual Fuel technology.

ABB is launching a new solid state circuit breaker to enable the next generation of safe, energy-efficient direct current (DC) power systems. DC power distribution is at the forefront of strategies to make shipping and marine vessels more sustainable and energy efficient – the SACE Infinitus circuit breaker makes it simpler to integrate, protect and control these new DC network architectures for ships of all types and sizes.DC power systems improve fuel efficiency by up to 20 per cent.

Italy's biggest banking group Intesa Sanpaolo could help fund Novatek's Arctic LNG 2 project even as some European governments show lukewarm support for the giant Russian gas project."We are studying the dossier ... though no decision has as yet been taken," Antonio Fallico, chairman of group unit Banca Intesa Russia, told Reuters on Wednesday.Fallico said the bank had been invited to look at the financing deal by SACE, the state-owned Italian export credit agency."If the bank decides this project does not breach our policy in some way we'll do it…

Dutch FPSO leasing specialist SBM Offshore has completed the project financing of FPSO Sepetiba for a total of US1.6 billion, which SBM Offshore says, is the largest project financing in the company’s history.FPSO Sepetiba, formerly known as Mero 2, is destined for deployment in Brazil with Petrobras.SBM Offshore said that the project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE S.p.A.

Russian gas giant Novatek and SACE SIMEST, the Italian export credit company part of CDP Group, have finalized an agreement on strategic cooperation in the liquefied natural gas (LNG) projects, including Arctic LNG 2."PAO Novatek and SACE signed a Memorandum on Strategic Cooperation in relation to the Company's current and future LNG projects. The parties agreed to develop long-term cooperation on the Arctic LNG 2 project and potential new LNG projects involving Italian suppliers and engineering companies," said a statement from Novatek.“We successfully cooperated with SACE in the financing of our Yamal LNG project” noted Novatek’s Chairman…

Major Investment Engages Fincantieri to Renovate & Lengthen Windstar’s Three Star-Class Ships beginning in Fall 2019. Windstar Cruises today announces the $250 Million Star Plus Initiative, a major investment and expansion for the innovative cruise company. The multi-million dollar, multi-year undertaking will impact and enhance all aspects of the guest experience for the highly awarded small ship cruise line’s three Star Class vessels. “We are thrilled to announce the $250 Million Star Plus Initiative, a significant investment in the future of Windstar Cruises.

Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit, a Vacuum Distillation Unit, a hydrogen production facility based on our steam reforming technology, as well as various process units…

Cruise liner MSC Cruises has reached an agreement for an EUR 1.5 billion (USD 1.74 billion) financing for two new Seaside EVO class cruise ships.BNP Paribas, Unicredit and Cassa Depositi e Prestiti will provide EUR 1.5bn in financing for two Seaside EVO class passengerships. The financing syndicate of lenders also include SACE SIMEST, the Italian ECA, fully backing the credit line and stabilising the interest rate.The first ship is expected to be delivered in May 2021 and the second in February 2023. With the addition of these new ships, MSC Cruises now has plans in place for up to ten new ships to be built by 2026.The 339m long vessels…

Italy announced 4.8 billion euros ($5.45 billion) in credit lines and financial guarantees to relaunch exports to Iran, the Italian export agency said on Tuesday during Prime Minister Matteo Renzi's visit to Tehran.   Italy's state-run lender Cassa Depositi e Prestiti will offer credit lines worth 4 billion euros to companies building oil-and-gas and transport infrastructure, while export agency SACE will guarantee those loans,a SACE statement said.   A further 800 million euros in credit lines for small- and medium-sized will also be offered, the statement said.     ($1 = 0.8758 euros) (Reporting by Steve Scherer, editing by Isla Binnie)

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history. Project financing was secured by a consortium of 16 international banks with insurance cover from four Export Credit Agencies (ECA): Atradius Dutch State Business N.V. (Atradius), Nippon Export and Investment Insurance (NEXI), Servizi Assicurativi del Commercio Estero S.p.A. (SACE) and UK Export Finance (UKEF). The facility is composed of three separate tranches totaling $1.55 billion with a 5.1 percent weighted average cost of debt and fourteen year post-completion maturity: Atradius covered tranche of $800 million including SACE $167 million and UKEF $53 million…

A gradual lifting of sanctions against Iran could lift Italian exports to the Asian country by around 3 billion euros ($3.3 billion) in the next four years, Italy's export credit agency SACE said on Tuesday. "Regaining lost market share in Iran will not be easy considering that competitors such as China, India, Russia and Brazil have had fewer constraints in recent years," SACE said in an emailed statement. Even though a deepening of sanctions in late 2011 significantly cut trade, Italy remains one of the main commercial partners for Iran, SACE said, adding that the oil and gas, automotive, defence, transport, real estate and construction sectors would offer the best opportunities there. (Reporting by Danilo Masoni)

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017. At 40,700 grt and accommodating 596 guests, the newbuild vessel Silver Muse will expand Silversea's fleet to nine ships. “We always had a special relationship with Fincantieri, since my father ordered them the first cruise vessels for Sitmar in 1987,” said Manfredi Lefebvre d'Ovidio, Chairman of Silversea. “Both companies have a clear understanding of what today's affluent traveler seeks…

Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships, which will be the largest vessels ever built by the Fincantieri shipyard in Trieste, Italy. The financing for MSC was provided by a syndicate of banks including Crédit Agricole Corporate and Investment Bank (“CA-CIB”), BNP Paribas, Cassa Depositi e Prestiti S.P.A., HSBC France, Banco Santander S.A and Unicredit S.P.A. as mandated lead arrangers and underwriters. CA-CIB also served as structuring agent and bookrunner. The financing was supported by Italian export credit agency Servizi Assicurativi del Commercio Estero (“SACE”).

MSC Cruises informs it has signed a contract with Fincantieri for the construction of two new cruise ships with an option for one more. The two ships will join MSC Cruises' 12 strong cruise ship fleet. The contract was signed at the Palazzo Chigi in Rome between MSC Cruises and Fincantieri in the presence of MSC Cruises Executive Chairman Pierfrancesco Vago and CEO Gianni Onorato, and Fincantieri CEO Giuseppe Bono. The new prototype will be named "Seaside" and will be the largest cruise ship ever built by Fincantieri. Its innovative features will make it unique, say MSC, in the shipbuilding industry. The two ships will lead the way for a new generation of cruise ships that will be completely different from an architectural point of view.

Planet Ocean inform that they are supporting the UK Met Office and Plymouth Marine Laboratory to gather real-time Met-Ocean Data with their AXYS Watchman (WM-500) data acquisition and telemetry systems. The WM-500 can be configured to control a large variety of sensors providing data manipulation, logging and have the ability to interface with a variety of communication systems. The UK Met Office (UKMO) are using these systems in their range of inshore and offshore data buoy hulls provided by a growing range of manufacturers.

Fincantieri signs agreement for the acquisition from STX Europe of 50.75% of STX OSV, leading offshore vessel constructors. With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, the Fincantieri Group is doubling its size. Fincantieri now becomes one of the top five shipbuilders worldwide and the leading Western producer, also in terms of diversification and presence in the high value added segments, and is capable of competing with the Asian giants. The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory cash offer, will amount to approximately Euro 900 million (approximately SGD 1,450 million).

At 47,000 gross tonnes with 472 cabins for a total passenger capacity of 944,  the two vessels are destined to serve the market for smaller super-luxury ships. Delivery is scheduled for early 2015 and early 2016. A crucial factor in Fincantieri’s successful bid was Export Banca, the system set up by SACE, Cassa depositi e prestiti and Simest to support Italian exports which enabled Fincantieri to offer the shipowner an attractive technical, commercial and financial package. Fincantieri says that the signing of this important agreement is proof that the Italian system is competitive and able to offer effective solutions for the export of capital goods, even in today’s turbulent financial markets.

Costa Cruises has received the ABB Energy Efficiency Award 2009 in recognition of its efforts and progress in improving energy efficiency in its motor and drive systems. The prize was presented as part of “Energy Efficiency Award 2009. Designing and achieving energy efficiency: new conversations”, an event promoted and arranged by Abb Sace, a division of ABB Spa, and hosted by Mario Tozzi, an outstanding Italian science divulger. In addition to Costa Cruises’ project, the initiatives implemented by the other two prize-winning Italian enterprises – Fiat Auto and Fiorucci, leaders in the vehicle manufacturing and food industries, respectively – were also illustrated at the ceremony.

Marubeni Corporation has signed the Sales and Purchase Agreement with SK Energy for the acquisition of 10% interest in the Peru LNG Project. The international project consortium for the project consists of Hunt Oil Company (50%) of the United States, SK Energy (20%) of Korea, Repsol YPF (20%) of Spain and Marubeni Corporation (10%) of Japan. This project, located on the west coast of Peru in the South America, has geographical advantage to supply competitive LNG products not only to the Latin America market and U.S. West Coast market but also to Asian Far East market as possible alternative destination. Natural gas feedstock will be supplied from Camisea gas field and processed at LNG Plant located at Pampa Melchorita area, south of Peruvian capital Lima.