DIS Enters into Sale and Leaseback Deal
Italy’s d’Amico International Shipping (DIS) said that its Ireland-based subsidiary d’Amico Tankers has signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of MT High Voyager for a consideration of US$ 25.7 million.MT High Voyager is a 45,999 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea.According to a press release from the global operator in bulk carriers and product/chemical tankers markets, this transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 9.6 million in cash…
Navig8 in Sale, Leaseback Pact with China Bank
Navig8 Chemical Tankers entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers were $94,710,000.A portion of the proceeds was utilized to repay existing loans used to finance the Vessels’ newbuilding contracts under the multi-bank loan facility announced by the Company on February 3…
Navios Containers Updates on Fleet
Monaco-based container shipping company Navios Maritime Containers has exercised an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.The containership is chartered out at a net rate of $26,325 per day until November 2020 and $27,300 per day until October 2021, and is expected to be delivered in the first quarter of 2019.Navios Containers also entered into an agreement where it has the option to acquire one 2011-built 10…
d’Amico Tankers Signs Sale and Leaseback Deals for New Tanker
The marine transportation company operating in the product tanker market d’Amico International Shipping (DIS) has secured a first in the Japanese market, signing an operating lease transaction for one of its LR1 newbuildings.d’Amico Tankers D.A.C. (Ireland), the subsidiary of DIS, has signed a memorandum of agreement and bareboat charter contract for its newbuilding LR1 vessel, said a release.Under the deal, the company agreed a sale and leaseback of the 75,000 dwt MT Cielo di Houston…
Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini
Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.
Federal Waterways Infrastructure Outlook
On Capitol Hill, October 1 was the first day of 2018, at least for the federal government’s fiscal year. In theory, on 10/1, the federal budget is supposed to be finalized with appropriations – i.e., spending – established for the next year. In practice, of course, it rarely works that way. Budget deliberations frequently last through December. And even on New Year’s Eve, Congress may be forced to vote on a Continuing Resolution to keep the government operating. The 2018 budget is of particular interest and it’s particularly important.
d’Amico Sells Medium-Range Tanker
d’Amico International Shipping (DIS) announces that its operating subsidiary d’Amico Tankers signed a memorandum of agreement for the sale of MT High Presence, a 48,700 dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding (Japan) for a consideration of US$ 14.14 million. This transaction will generate at delivery of the Vessel a positive cash effect, net of the reimbursement of the Vessel’s existing bank loan, of around US$ 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program.
Höegh LNG Secures Financing for FSRU Unit
Höegh LNG Holdings has announced that it has received commitment letters for a US$230 million debt financing for its eighth floating storage and regasification unit (FSRU). The Facility comprises a 12 year export credit agency (ECA) term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt (GIEK) and Eksportkreditt of Norway, and a 5 year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank.
Navig8 Tankers Pact with CMB
Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers. The company said that the expected net proceeds from the transaction are USD 91.2 million. A portion of the proceeds will be utilized to repay existing loans used to finance the Vessels' newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015. Under the sale and leaseback agreements, the Vessels will be sold and delivered to CMB.
Seanergy Maritime 2Q Revenue Nets $1.8 mln
Dry bulk shipper Seanergy Maritime Holdings Corp. announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601.
OOCL Orders Six Ultra-Large Container Ships
Orient Overseas (International) Ltd. has placed a new order for six mega 20,000 teu container ships from South Korean shipbuilder Samsung Heavy Industries Co. for US$951.6 million. Orient Overseas, controlled by the family of former Hong Kong chief executive Tung Chee-hwa, said the container vessels will be delivered in 2017. The company plans to fund the purchases with a bank loan for up to 70 % of the costs and the remainder funded by its internal resources, a stock filing of the company said on 1 April. The contract price of each vessel is payable in cash in five equal installments.
Golar LNG sells Golar Viking
Golar LNG Ltd has completed the sale and delivery of the LNG carrier Golar Viking to PT Perusahaan Pelayaran Equinox (Equinox) for US$135 million. The 140,205-cbm Golar Viking (built 2005) has been renamed Salju under Indonesian flag and registry. Under Indonesian Cabotage regulations, LNG cargoes produced and sold within Indonesia must be transported on an Indonesian flagged vessel. Equinox decided to acquire the Golar Viking and transfer the vessel to Indonesian flag due to an anticipated increase in domestic allocation for Indonesian produced LNG cargoes this year.
Port Everglades Strengthens Cargo Connections
Broward County's Port Everglades has partnered with public and private entities on several multimillion-dollar landside infrastructure improvements designed to improve connections with South Florida's major highway and railroad systems. "Landside congestion plagues many seaports, but Port Everglades is fortunate to have direct interstate highway access and a strong partnership with the Florida East Coast Railway and the State of Florida that keeps commerce on the move," said Port Everglades Chief Executive and Port Director Steven M.
USNS Trenton JHSV 5 Christened
Austal christened USNS Trenton (JHSV 5) January 10 at its shipyard in Mobile, Alabama. USNS Trenton is the fifth of 10 Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War.
USNS Trenton (JHSV 5) Christened
Austal christened USNS Trenton (JHSV 5) this morning at its state-of-the-art shipyard in Mobile, Alabama. USNS Trenton is the fifth of ten Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War.
BW Offshore Completes $800m Bank Loan
BW Offshore has signed the facility documentation for the new $800 million 10-year senior secured credit facility for the Catcher FPSO project.e facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13 leading international banks. The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore's three bond loans. BW Offshore has also received consent…
WINS takes delivery of largest PSV, "WM Pacific"
Wintermar Offshore Marine (WINS) announced having taken delivery of "WM Pacific”, the Largest Platform Supply Vessel (PSV) flying the Indonesian flag. 'WM Pacific' is our 4th and largest Platform Supply Vessel. She will be the only Indonesian flagged PSV that is equipped with Firefighting capability certified to FIFI 2 standard. She is 83m long, equipped with DP2 (Dynamic Positioning) and classification ABS + A1 (E) Offshore Support Vessel notation. She is certified to participate in search and rescue operations and has oil recovery capability and capable to transport methanol.
Loan Options for the Marine Industry
As we launch into 2014, the domestic waterfront continues to fire on all pistons; boatbuilding, charter rates, utilization of tonnage, and so much more. That kind of momentum, however, requires funding to sustain. For smaller operators in need of capital to grow and/or maintain their fleets, sourcing those funds can be tricky. Fortunately – and unlike the Department of Transportation’s Maritime Administration’s Title XI Federal Ship Financing Program of the last few years – the U.S. Small Business Administration and the U.S. Department of Agriculture actually have the funding to make and guarantee loans for the U.S. commercial marine industry.
FSL Trust Keeping Afloat: Q2 2103 Revenue US$21.3-Million
FSL Trust, in its second quarter of 2013 financial report ending 30, June 2013, records a drop in revenue & a higher loss due mainly to default in lease payments for 2 crude oil tankers. During the quarter, the lessees of the Trust’s two crude oil tankers defaulted on their lease payments. Nevertheless, the Trust’s other 23 vessels were fully employed, generating revenue from long-term bareboat charters, time charters and pool employment. FSL Trust recorded an operating loss of US$1.0 million compared with an operating profit of US$4.0 million in the corresponding period last year. After taking into account net finance expenses, the Trust incurred a net loss of US$7.2 million in 2QFY13.
Wärtsilä Gets Fourth R&D European Investment Bank Loan
The European Investment Bank (EIB) has granted a EUR 150 million loan to Wärtsilä to finance the company's research, development and innovation (RDI) activities in several European countries. The contract for the 10-year loan was signed in Helsinki, Finland on 13 June 2013, and marks a continuation of the longstanding and strong co-operation between the European Investment Bank and Wärtsilä. With the loan Wärtsilä will continue to develop engines and power plants that are cleaner, more efficient, more reliable and with higher levels of automation, lower lifecycle costs, as well as with improved environmental performance. New maritime emission requirements are expected to increase the demand for more environmentally sound engines and a similar trend is evident in land-based power plants.
NLNG May Get Cash for Six LNG Carriers Soon
Nigeria Liquefied Natural Gas Company (NLNG) $1.6 billion bank loan on the cards. The company, which is majority owned jointly by the state oil company NNPC and Royal Dutch Shell, told Reuters a year ago it had contacted global banks to appoint advisers to explore the best option to raise funds. More recently a banking source told Reuters that the loan was being structured as a medium to long term financing with the close expected by the end of March 2013. NLNG was set up over two decades ago to harness Nigeria's natural gas resources and produce liquefied natural gas and natural gas liquids for export. It has long-term supply contracts with buyers in Italy, Spain, Turkey, Portugal and France and also sells on the spot market, reports Reuters. Source: Reuters
STX Europe Q3: OSV Keeps Good Margin
Cruise & Ferries remain challenging. STX Europe achieved operating revenues of NOK 4 480 million in third quarter 2012, a decrease of NOK 763 million compared to corresponding period 2011 (Q3 2011: NOK 5 243 million). Profit before tax for third quarter 2012 of NOK 250 million (Q3 2011: NOK 535 million). Third quarter shows that healthy EBITDA results continue from STX OSV, while the result of Cruise & Ferries business area is not satisfactory due to lower than expected activity levels. STX Europe AS received interim dividend of NOK 364 million in September from STX OSV. STX Europe AS repaid about NOK 184 million (US$32 million) of bank loan during Q3.
Shipbuilders STX Europe Report Good Earnings in Q2
STX Europe report increased operating revenues, but cruise & ferry sector showed lower than expected activity in Q2 2012. STX Europe achieved operating revenues of NOK 5 651 million in second quarter 2012, an increase of NOK 782 million compared to corresponding period 2011 (Q2 2011: NOK 4 869 million). Profit before tax for second quarter 2012 of NOK 370 million (Q2 2011: NOK 407 million). Second quarter shows satisfactory EBITDA results from STX OSV, whilst Cruise & Ferries business area is still experiencing lower than expected activity levels. STX Europe will continue to focus on securing new orders. STX Europe AS repaid about NOK 102 million (US$17million) of bank loan during Q2.