Banking News

14 Sep 2020

Offshore Wind: Vessel Owners Under Pressure to Cut Emissions

Credit:  Ian Dyball/AdobeStock

Fast-growing offshore windfarms expect low carbon service operations by support vessels, but supplying and handling biofuels is a challenge and the development of ammonia and hydrogen-powered vessels still has a long way to go, ship fuel broker and trader LQM Petroleum Services said.The global offshore wind industry continues to balloon, adding 6.1 GW capacity in 2019 and has continued to grow through the Covid-19 pandemic, the company reminded."In Europe the sector has now reached…

02 Sep 2020

Theisen Returns to Philly Shipyard as CFO

(File photo: Philly Shipyard)

Philly Shipyard announced Wednesday that Jeffrey Theisen will re-join the company as Chief Financial Officer, effective September 8. Theisen fills the vacancy created by last month's sudden passing of Brian Leathers.Theisen previously served as Philly Shipyard's CFO for eight years, from 2007 - 2015. He was involved in the spin-off of Philly Shipyard from its parent Aker American Shipping and subsequent listing of the company on Oslo Axess, and he was instrumental in securing backlog and negotiating various financings, investments and other significant transactions.

14 Aug 2020

Singapore Court Appoints Supervisor for Xihe Holdings

© John Regan / MarineTraffic.com

The Singapore High Court has appointed Grant Thornton Singapore as the supervisor of Xihe Holdings Pte Ltd and four of its subsidiaries, a source with knowledge of the matter said on Thursday.The court decision followed an application by Oversea-Chinese Banking Corporation Ltd (OCBC) to place Xihe Holdings and the subsidiaries under the business adviser's supervision.The subsidiaries involved are Da Xin Tankers (Pte) Ltd, Hua Guang Shipping Pte Ltd, Nan King Maritime (Pte) Ltd…

11 Aug 2020

Philly Shipyard CFO Brian Leathers Passes Suddenly

(Photo: Brian Leathers)

Philly Shipyard announced the unexpected death of its chief financial officer, Brian Leathers, age 60. “It is with great sadness that we share the news of Brian’s passing, and our entire organization mourns his death. Brian was a well-respected colleague and friend to many. His positive energy, enthusiasm, and dynamic personality will be sorely missed,” said Steinar Nerbovik, Philly Shipyard President and CEOLeathers joined Philly Shipyard in early 2019 as the company’s strategy…

10 Aug 2020

Lebanon's Leaders Were Warned in July About Explosives at Port

© Erich / Adobe Stock

Lebanese security officials warned the prime minister and president last month that 2,750 tonnes of ammonium nitrate stored in Beirut’s port posed a security risk and could destroy the capital if it exploded, according to documents seen by Reuters and senior security sources.Just over two weeks later, the industrial chemicals exploded in a massive blast that obliterated most of the port, killed at least 163 people, injured 6,000 more and destroyed some 6,000 buildings, according…

31 Jul 2020

Trafigura Offers COVID-19 Premium

(Photo: Trafigura)

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

29 Jul 2020

US-China Cold War Would Redirect Energy Flows

© prathaan / Adobe Stock

Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language in which they describe relations with China.China has been labelled a “strategic competitor” for some time but the country is increasingly described as a “strategic adversary” implying a more confrontational relationship.Complaints about unfair trade practices…

29 Jul 2020

Hin Leong's Owners Move to Block OCBC from Picking at Shipping Units

Illustration only - Credit: anekoho/AdobeStock

The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O.K. Lim.Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said…

09 Jul 2020

Port of Rotterdam to Trial PIN-free Container Handling

(Photo: Port of Rotterdam Authority)

This week, various parties in Rotterdam will be launching a new pilot project, in which containers are handled and released without a PIN code: a widely used verification method in this transport segment. The project revolves around a new application, Secure Container Release, which replaces the PIN code with a digital signal: a solution that is significantly less susceptible to fraud. It is not only intended to make container handling more efficient, but also safer. Participants in the three-month trial include CMA CGM…

07 Jul 2020

Sailors’ Society Names Baade as CEO

Sara Baade (Photo: Sailors' Society)

Global maritime charity Sailors’ Society announced Sara Baade has been appointed as its new chief executive officer, starting in September 2020.Baade has a strong background in management and strategic policy and brings extensive experience in leading an international welfare charity from her current role as CEO of The Army Families Federation. Her career also includes working as a senior civil servant for the Department of Business Innovation and Skills, a directorship at the charity UK Skills and substantial experience in investment banking.Sailors’ Society’s Chair of Trustees…

02 Jul 2020

Coast Guard Discontinues Differential GPS Broadcast

(USCG file photo by Kevin Young)

On June 30, 2020 the Coast Guard switched off the last Differential Global Positioning System (DGPS) signals after more than 25 years of service.With the improved accuracy and integrity of un-augmented GPS over the last several years, and with the introduction of the U.S. operated satellite-based augmentation system known as Wide Area Augmentation System (WAAS), the maritime community no longer has a mission requirement for DGPS. GPS now provides sufficient positional accuracy…

07 May 2020

DP World Launches $9 Billion Financing

(File photo: DP World)

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

17 Apr 2020

Crude Oil Held in Sea Storage Hits New Record

© Igor Yu. Groshev / Adobe Stock

Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed a record cut in output from May of 9.7 million barrels per day, or almost 10% of global supply, to help support prices and curb oversupply.At…

31 Mar 2020

Outlook for India's Ship-breaking Turns Negative

© Joseph Myerscough / Adobe Stock

The outlook for India's ship-breaking industry has turned negative amid volatile scrap prices and a falling rupee, says ICRA.The country's ship-breaking activity, while tepid during CY2019 due to subdued demand and depressed scrap prices, gathered momentum at the start of CY2020 following the implementation of the International Maritime Organization (IMO) sulphur cap regulations from January 2020. But weakness in the international shipping markets further aggravated by the coronavirus has since dampened sentiments.

26 Mar 2020

Meatpacker JBS Flags Export Logistics Issues Amid Coronavirus

© Grispb / Adobe Stock

Brazil's JBS SA, the world's largest meatpacker, has identified potential logistics issues amid the coronavirus crisis including container shortages and port disruptions, according to executives discussing earnings results on Thursday.JBS executives said in a call on fourth-quarter earnings results that its export operations had not been hit by any disruptions, such as those that have affected frozen container cargos arriving in China in recent weeks. They said the company is banking on its long-term relationships with shipping providers to keep exports flowing.

13 Mar 2020

Japanese Wind Fans Bank Interest

Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…

10 Mar 2020

DCSA Releases Cyber-Security Guide

The Digital Container Shipping Association (DCSA), a non-profit group of nine major ocean freight carriers, has rolled out its cyber security guidance to prepare shipowners and vessels for the International Maritime Organization’s pending cyber security mandate.The best practices outlined by DCSA provide all shipping companies with a common language and a manageable, task-based approach for meeting the IMO’s January 2021 implementation timeframe, DCSA said in a statement.IMO’s Resolution MSC.428(98) on Maritime Cyber Risk Management in Safety Management Systems was adopted in 2017 to ensure that vessels’ cyber risks are appropriately…

10 Mar 2020

Golar LNG Appoints New CFO

© Eugene Sergeev / Adobe Stock

Golar LNG said on Tuesday it has appointed Callum Mitchell-Thomson as its new Chief Financial Officer, effective April 20.In October 2019, Golar LNG announced its current CFO, Graham Robjohns, would step down. Robjohns will remain in his current position until April 20, 2020 and will leave Golar on April 30, 2020.Robjohns' successor, Mitchell-Thomson, has 21 years of experience advising energy, utility and infrastructure companies on M&A and capital markets transactions while working for JP Morgan.

23 Feb 2020

Global shipping Hit by Coronavirus

Global shipping holds its breath as the coronavirus continues to spread and generates massive economic and financial uncertainty.Two weeks ago, BIMCO argued that – from an economic perspective - when China sneezes, we all catch the flu. Since the SARS outbreak in 2003, the global economy has become much more interlinked with China and the Chinese economy has grown to become the second largest in the world.While hard facts and reliable data are in high demand, they are in short supply, nevertheless it’s time for a more thorough diagnosis on how this affects the global shipping industry.The coronavirus outbreak coincided with the Lunar New Year, which led to nation-wide extensions of the holiday. However, even with the passing of the holiday extensions, large parts of China remain closed.

21 Feb 2020

Branson: Virgin Cruise Line Will Overcome Coronavirus Fears

Photo courtesy of Virgin Voyages

British entrepreneur Richard Branson heralded his first cruise ship "Scarlet Lady" on Friday as targeting a younger generation of holidaymakers with a range of attractions that he believes will outweigh any fears around coronavirus.Despite the unfortunate timing, with passengers on one ship quarantined in Japan after hundreds caught the virus and another turned away by five countries over fears someone on board may be ill, Branson sees cruises as a growth area.In an event at Dover…

18 Feb 2020

EU Clears OLT Takeover by SNAM and FSI

The European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International (FSI), under the EU merger regulation.According to the Commission, OLT is active in the management of a floating storage and regasification unit for liquefied natural gas in Italy.SNAM is the holding company of the Snam group, which is active in the development and integrated management of gas infrastructures and, in particular, in the transmission, regasification and storage of natural gas in Italy and other EU countries.FSI is a company within the asset management division of Mitsubishi UFJ Trust and Banking Corporation…

16 Feb 2020

BPER Banca Finances Marittima Emiliana

BPER Banca SpA has completed a naval financing for ME Marittima Emiliana SpA to a second-hand tanker built by the Chinese shipyard in Guangzhou in 2012.The tanker, originally flying under a Bahamian flag, has been renamed “Lady Rina” and is currently flying under an Italian flag. M.E. Marittima Emiliana, part of the Amoretti Armatori Group, provides transportation service of petroleum and chemical products.Watson Farley & Williams and the Mordiglia law firm of Genoa represented BPER Banca and the company respectively in the transaction.The new unit will join Amoretti’s fleet currently comprising 11 tankers all flying under an Italian flag…

03 Feb 2020

International Seaways Signs Refi Deal

New York-headquartered product tanker company International Seaways has closed on senior secured credit facilities worth a total of USD 390 million.The crude oil and petroleum product tanker company said that the facilities consists of a 5-year USD 300 million senior secured term loan facility, a 5-year USD 40 million revolving credit facility, of which USD 20 million has been drawn, and a 2.5-year USD 50 million senior secured term loan credit facility.The NYSE-listed ship owner and operator said that the proceeds from the loans were used to refinance USD 385 million existing high-cost secured and unsecured debt of the company and its subsidiaries.Jeffrey Pribor…

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