Marine Link
Sunday, October 22, 2017

Transportation Finance

ConocoPhillips Announces Senior Management Changes

ConocoPhillips announced the following actions concerning the company's senior management: John Carrig, currently executive vice president, Finance, and chief financial officer, will become president and chief operating officer.  He will continue to report to Jim Mulva, chairman and chief executive officer. Jim Gallogly, currently executive vice president, Refining, Marketing & Transportation, will become executive vice president, Exploration & Production. Willie Chiang, currently senior vice president, Commercial, will become senior vice president, Refining, Marketing & Transportation. Greg Goff, currently president, Strategy, Integration and Specialty Businesses for Refining, Marketing & Transportation, will become senior vice president, Commercial. Ryan Lance will remain president, Exploration & Production – Europe, Asia, Africa and the . Messrs. Sig Cornelius, currently senior vice president, Planning, Strategy & Corporate Affairs (PS&CA), will become senior vice president, Finance, and chief financial officer. Jeff Sheets, currently vice president and treasurer, will become senior vice president, Planning & Strategy. Red Cavaney, who will retire from his position as president and chief executive officer of the American Petroleum Institute on Oct. 31, 2008, will become senior vice president, Government & Public Affairs in November 2008. 

Crowley Announces Management Team for Petroleum Services Group

Crowley Maritime Corporation announces the appointment of Bruce Barto to vice president and general manager of its newly formed Petroleum Services group based in Seattle. Barto has profit and loss responsibility for Petroleum Services and reports directly to Tom Crowley Jr., chairman, president and CEO of Crowley Maritime Corporation. Reporting to Barto are Bruce Harland who has been promoted to director, operations and will be relocating from Houston to Seattle; Jim Dwight, sales manager

Stakeholders Voice Opposition to Proposed Waterway Tolls

Deb Calhoun (Photo: WCI)

A group of 75 companies and organizations have collectively voiced opposition to a Public Private Partnership (P3) project that would seek to toll the Illinois Waterway and that could make its way into the Water Resources and Development Act (WRDA) of 2016. The group consisting of a variety of stakeholders across the logistics chain and led by the Waterways Council, Inc. (WCI) yesterday signed and delivered letters urging the House Transportation & Infrastructure and Senate Environment

MarineCFO Secures Series A Round

MarineCFO Inc., announced that it has closed a Series A Financing Round. The round was led by EmergingISV Capital Partners  also investing were customers and select individuals active in the marine transportation and energy industries.

China & Taiwan Agree to Open Up Cross Straits Trade

China's mainland and Taiwan sign an agreement to open up their service sectors, including transportation. The signing in Shanghai followed two years of negotiations, reports Shanghai Daily, and will take effect later this year. Under the agreement signed by the mainland-based Association for Relations Across the Taiwan Strait and the Taiwan-based Strait Exchange Foundation, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland

Trico Marine Names New VP

Trico Marine Services, Inc. announces the appointment of Robert V. O'Connor as Senior Vice President of Business and Strategic Development. Prior to joining Trico, O'Connor spent in excess of 20 years in the marine transportation business in commercial, technical, and financial roles with domestic and international companies. Most recently, he spent the past five years with The CIT Group, Inc., a leading commercial and consumer finance company, as Vice President of financial sales

DOT Issues Broad Agency Announcement

The Department of Transportation (DOT) has issued a Broad Agency Announcement discussing the Port Security Grant Program. The program is coordinated by the Transportation Security Administration (TSA), with assistance from the U.S. Coast Guard and the Maritime Administration. TSA is awarding competitive grants to critical national seaports to finance the cost of enhancing facility and operational security. Eligible parties consist of critical national seaports and terminals

Matson Planned Separation on Track

Matson finalizes post-separation financing arrangements, maintains strong balance sheet as a stand-alone company
 Alexander & Baldwin Holdings, successor by merger to Alexander & Baldwin, Inc., has announced that its wholly-owned subsidiary, Matson Navigation Company, Inc. ("Matson Navigation"), has entered into a series of debt financing agreements undertaken on behalf of Matson, Inc. ("Matson") as part of the previously announced plan to separate the Company's

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

wfw logo.jpg

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

Blueprint For Transportation System Unveiled

Addressing a projected increase in waterborne commercial vessel traffic that is expected to double or triple over the next 20 years, U.S. Secretary of Transportation Rodney E. Slater issued a major report, An Assessment of the U.S. Marine Transportation System, outlining recommendations to meet the growing challenges to the nation's marine transportation system (MTS). The recommendations include improved vessel traffic management to ensure safety and greater focus on operational efficiencies

Alpha Bank Securitize Shipping Loans

Logo: Alpha Bank

 Greece's Alpha Bank has successfully completed its second financing transaction of $250 million through shipping securitization with Citi, following the inaugural shipping securitization issuance of $500 million in 2014.  "Alpha Bank has successfully completed its second financing transaction of USD 250 million through shipping securitisation with Citi, following the inaugural shipping securitisation issuance of USD 500 million in 2014," said a press statement.  

Scorpio Gets Financing for Kamsarmax Vessel in Japan

Photo: Scorpio Bulkers Inc.

 Scorpio Bulkers Inc announced that it has entered into a financing transaction in respect of one of the Company’s Kamsarmax vessels with unaffiliated third parties in Japan.     The cost of the financing is equivalent to an expected fixed interest rate of 4.24% for 10 years.  If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent margin at current swap rates would be LIBOR + 2.07%.  

Scorpio Bulkers Lines Up New Loan Facility

File Photo: Scorpio Bulkers

 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

Hong to Take up New Role at Saltchuk

Glenn Hong (Photo: Saltchuk)

 Young Brothers, Ltd president Glenn Hong will retire at the end of the year to undertake a new leadership role with parent company Saltchuk, focusing on Hawaii business initiatives effective January 1, 2018.   Hong began at Young Brothers in 1991 as vice president of finance and government affairs, coming from Hawaiian Electric Industries. In 1992, he assumed the presidency and immediately set to work to infuse the organization with a customer-driven mindset.  

UTLC Launches Service from China to Europe

Photo: Port of Hamburg

 Russia's JSC United Transport and Logistics Company (UTLC) jointly with KTZ-Express launched a new transport product for the delivery of non-hazardous chemical goods in tank containers from China to Europe as part of the regular container service U West (Dostyk-Brest).   The first train, consisting of 82 twenty-foot tank containers, loaded with butylene glycol produced by XINJIANG MARKOR CHEMICAL INDUSTRY, departed from Korla Station (China).   

Ernst Russ Acquires Ships Financed by ABN AMRO

Image: Ernst Russ AG

The Ernst Russ Group has successfully completed another transaction and acquired two container ships with capacities of 2,450 TEU and 2,785 TEU and an average age of just under 12 years.    Global Transportation & Logistics provided financing to Ernst Russ. Purchase price for the two container ships is undisclosed.   The transaction was structured and carried out by Ernst Russ Maritime Management GmbH & Co. KG as the maritime asset manager of the Ernst Russ Group

Bahri Rolls Out BahriBunge Dry Bulk

Following announcement in Feb 2017, new joint venture plans to ship over 5 million metric tons of dry bulk commodities in its first year of operation. Photo: Bahri

Following the announcement of the joint venture agreement by Bahri, a global leader in transportation and logistics, and Koninklijke Bunge, a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two companies recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE.    In celebration of the occasion and reveal of the new company’s logo, Mr. Abdulrahman M

Diana Containerships to Sell Up to Seven Vessels

Diana Containerships Inc. (NASDAQ: DCIX), a shipping company specializing in the ownership of containerships, has announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to $104.0 million to an unaffiliated third party.   Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing

Harley Marine Hires Adlakha as CFO

(Photo: Harley Marine Services)

Harley Marine Services is pleased to welcome Sterling Adlakha to its executive team where he will assume the role of Chief Financial Officer.   A graduate of the U.S. Coast Guard Academy, Sterling served 10 years in the U.S. Coast Guard. He began his career as an engineer on a 210' cutter before moving to the West Coast and becoming a double-ended marine inspector and plank owner of the country's first Sea Marshal program following the 9/11 terrorist attacks

New Dredger Delivered to Saudi Arabia

Abdullah A. Natheer, Chairman of Murjan Al-Sharq Marine Services, with Chris Clark, Vice President, Murjan Al-Sharq Marine Services (Photo: Damen)

Damen Shipyards Group said it has delivered to Murjan Al-Sharq Marine Services a new Multi Cat 1908 fitted  with a Damen DOP Submersible Dredge Pump 250 for added shallow-water dredging capacity.   Murjan Al-Sharq Marine Services is based in Saudi Arabia. The company provides marine construction and maintenance, dredging, diving and subsea services. The company’s new vessel, called Murjan 40, has been equipped with a Damen DOP 250

Scorpio Tankers Signs Sale-Leaseback with Bocomm

Photo: Scorpio Tankers

 Scorpio Tankers has agreed to sell and leaseback five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx) to Bank of Communications Financial Leasing  (Bocomm Leasing).     As of today, three of the five transactions have been completed, which has increased the Company’s liquidity by approximately $21 million in aggregate after the repayment of the outstanding debt.  

Shipping Confidence Continues to Climb -Report

© weerasak / Adobe Stock

A recent survey found that shipping confidence reached its highest rating in the past three years in the three months to end-August 2017.   According to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens, the average confidence level expressed by respondents to the survey was up slightly from the 6.1 out of 10 recorded in the previous survey in May 2017 to a three-year high of 6.2

IMC Envisages Singapore as Global Maritime Hub

Image: Maritime and Port Authority of Singapore (MPA)

 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

Scorpio Tankers Updates on Fleet Status

Photo: Scorpio Tankers Inc

Scorpio Tankers sold and leased back, on a bareboat basis, three 2013 built MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto to Bank of Communications Financial Leasing in April 2017.   The sales price was $29 million per vessel and the company bareboat chartered-in the vessels for a period of up to eight years at $8,800 per day per vessel.   The international provider in the transportation for refined petroleum products has the option to purchase these vessels

WFW Advises Berenberg on Shipping Loan

Photo by International Chamber of Shipping (ICS)

 International law firm Watson Farley & Williams (WFW) has advised private bank Berenberg on its acquisition, jointly with a Japanese financial institution, of a circa US$460m performing shipping loan portfolio from the Royal Bank of Scotland (RBS).    WFW previously advised Berenberg on the acquisition of a similar US$300m portfolio from RBS in February 2017.   Hamburg-based international investment and private bank Berenberg was founded in 1590 and is the

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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