The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues. The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 May 2014. The company says that the bonds will enable it to maintain a well-balanced financial structure, in terms of short term and medium/long-term debt and average duration of the debt. The bonds may be listed on regulated markets. Italy-based Eni is an integrated company that operates across the entire energy chain, employing some 78,000 people in 90 countries around the world. They point to scientific research and technological innovation as beign at the heart of its strategies for sustainable development.
Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September, both issued under its existing Euro Medium Term Notes Program. The bonds are to be issued within the framework of the Euro Medium Term Note Program and in accordance with the resolution adopted by
Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001. "Despite the slowdown in the world economy, we are confident we can move ahead," said managing director Mohd Ali Yasin. MISC, part of state oil firm Petronas, earlier announced a net profit of $363 million, or 74.3 cents earnings a share, in the year ended March 2001, slightly above market expectations.
Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities
Euronav NV announces today that following the closing of its Initial Public Offering (“IPO”) of its ordinary shares on NYSE, the Company will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on 5 January 2014. The Company issued a redemption notice on 28 January 2015 and expects to repay the bond on or around the 19th of February 2015
The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector. A report appeared in Bloomberg said that will boost lending to the maritime industry through the shipping fund for institutional investors seeking an alternative to record low bond yields. Andreas Schultheis, head of international shipping at Berenberg said that his bank plans to draw insurers
Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95
Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close
Japan's third-biggest shipping company Kawasaki Kisen Kaisha ('K' Line) plans to beef up its LNG and bulker vessels over the next four years, while downsizing its container shipping fleet. The group plans to reduce its fleet of container ships from 70 to 61; however, the TEU capacity will increase with the sale and scrapping of the smaller ships, and the introduction of 10 14,000 TEU boxships currently on order.
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT. South Korea's fund will support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured. The China slowdown is partly to blame.
Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, is pleased to announce the launch of a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering
South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier. "Korea Investor Service (a Moody’s Affiliate) has upgraded Hyundai
Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened.
South Korea’s National Pension Service (NPS) agreed to a restructuring of bonds issued by Daewoo Shipbuilding & Marine Engineering (DSME). Reuters reported that this move is expected to help the world’s largest shipbuilder tide over a financial crisis
Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and
The Port of Angeles has expanded its commitment to sustainability by issuing $35.2 million in green bonds as part of a larger debt refinancing successfully completed this week. The move marks the first time a U.S. port has entered the growing sustainability bond market where investors support
Teekay LNG Partners intends to issue new five-year senior unsecured bonds in the Norwegian bond market. Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes
Teekay LNG Partners L.P. announced that it has issued NOK 900 million in new senior unsecured bonds that mature in October 2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 110 million
Creditors of Daewoo Shipbuilding & Marine Engineering (DSME) are set to announce a debt-for-equity swap and other measures, worth 3 trillion won (US$2.62 billion), reports Yonhap. Korea Development Bank (KDB), a main creditor of DSME
Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said. Daewoo's main creditor, Korea Development Bank (KDB)
Global container shipping company Hapag-Lloyd has launched a euro bond offering with a volume of EURO 150mln ($159mln) and a maturity of five years. Part of the proceeds, initially amounting to USD 50 million converted (approx
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089)
Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.
Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, launched a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide
Hapag-Lloyd AG has successfully placed Additional Notes and was able to upsize the volume from the originally announced EUR 150 million to EUR 200 million due to high demand. The Additional Notes are issued under the indenture dated 1 February 2017 with a maturity of five