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Ship Finance Market News

23 May 2016

UASC Completes Award Winning Finance Deal

Photo courtesy of UASC

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation S under the U.S. Securities Act, and the transaction marks UASC’s debut financing in the debt capital markets. The EMTCs received a (private) Investment Grade rating by Fitch Ratings Ltd and Kroll Bond Rating Agency and the proceeds were ultimately used to finance the debt portion of two 2012-built 13…

19 Aug 2015

Singapore Shipping Association to Boost Prospects

The Singapore Shipping Association (SSA) has unveiled a slew of plans to boost the prospects of its members amid tough global industry conditions, reports The Straits Times. The key initiatives include building up the finance capability of shipping firms here by promoting more stock exchange listings, opening up access to capital markets and creating greater investor awareness. The Government can do more by expanding Singapore’s tax treaty network, council members of the SSA said. Despite Singapore being a major shipping hub, its 76 Avoidance of Double Taxation Agreements (DTAs) pale in comparison to the estimated 130 that other shipping nations, such as Norway and the United Kingdom, each have.

15 May 2015

Hellenic Ship Finances Look Up

The overall Greek loans of Hellenic maritime companies and ship owners (drawn and committed but undrawn) rose to $64.019 billion by the end of 2014, 4.1% higher than the $61.498 billion of 2013. Petrofin Research in its latest annual research says that drawn loans are up by 2.85% and Commitments by 18.11%, the latter prompted by the high Greek newbuilding orders. Of the 5 Greek banks active in the shipping finance market, National Bank of Greece shows an increase by 7.33% and Aegean Baltic by 11.99%. The rest show minor decreases. Overall, Greek banks’ exposure is up by 3.17% to a total of $10,8 billion, reflecting the increased stability in 2014 for Greek banks. This increase is the first sign of a recovery, since 2008.

11 Apr 2014

Private Equity Boosts Liberia Shipping Market

Scott Bergeron

The Liberian Registry says the entry of private equity funding into the ship finance market is helping to sustain its continued growth. Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian registry, said, “Owners are ordering ships again, and there is a great deal of private equity funding entering the market, in the U.S. and elsewhere, which is filling the shortfall created by a reduction in traditional bank finance for shipping.

07 Nov 2007

Sumitomo Mitsui to Double Overseas Banking Staff

According to a Bloomberg report, Sumitomo Mitsui Financial Group Inc. will double its overseas banking staff that works on financing for ship construction, as Japan's biggest arranger of such deals tries to take advantage of surging demand for vessels. China's appetite for iron ore will boost demand for vessels with cargo capacity of more than 100,000 tons by 44 percent between last year and 2010, according to a report last month by Mitsui O.S.K. Lines Ltd., owner of the world's largest merchant fleet. Corporate lending at Japan's biggest banks contracted 0.7 percent from a year earlier in September, the sixth straight month of declines, a Bank of Japan report showed last month. Sumitomo Mitsui lent $2.7b for ship construction in 2006, according to the U.S. magazine Marine Money.