Banking News

05 Mar 2019

Frieght Cost Set to Rise Due to IMO 2020

Image: Seabury Maritime PFRA LLC

With less than ten months before the IMO 2020 regulation on sulfur oxide emission goes into effect Jan 1, carriers and shippers alike are facing an 'uncomfortable uncertainty' over its potential effects on costs and freight rates as they enter the 2019-2020 trans-Pacific contracting period.The International Maritime Organization 2020 (IMO 2020) regulation on sulfur oxide emission will translate into an increase in freight rates, said Seabury Maritime, the global maritime and transportation investment & merchant banking and industry advisory firm…

01 Mar 2019

Spliethoff Gets Green Loan From ING, EIB

Pic: Spliethoff

Dutch banking group ING and the European Investment Bank said they will provide a EUR 110 million ($123 million) loan to Dutch ship management firm Spliethoff’s Bevrachtingskantoor B.V. for retrofitting vessels with exhaust gas cleaning systems.According to a European Commission press release, Spliethoff will use the loan to retrofit 42 of its vessels with exhaust gas cleaning systems and ballast water management systems.The loan is part of the ING and EIB EUR300mln Green Shipping partnership signed in 2018…

20 Feb 2019

Hedge Funds Hunt for Shipping Debt

Image CREDIT: AdobeStock / © Kasto

A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping sector, which has struggled with tough markets for a decade.Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans…

17 Feb 2019

Philippine Lenders Saves South Korea's Hanjin

Image: HHIC PHIL

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month.

28 Jan 2019

Eagle Bulk Shipping Avails Loan Secured by 21 Vessels

Pic: Eagle Bulk Shipping

American shipowner Eagle Bulk Shipping  has announced that Eagle Bulk Ultraco, a wholly-owned subsidiary of the Company, has closed on a new five-year senior secured facility  totaling USD 208.4 million, maturing in 2024. The global transporter of drybulk commodities said that the Facility is secured by 21 vessels, including the M/V Cape Town Eagle which was acquired earlier this month, and includes a term loan of USD 153.4 million and a revolving credit facility of USD 55 million.Gary Vogel…

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

20 Jan 2019

BPER Banca Finances Augustea Navigation

Pina Cafiero, a vessel owned by Augustea Group

Italian banking group BPER Banca is financing up to USD 8 million to Augustea Navigation to refinance its acquisition of a bulk carrier built in 2010 under an Italian flag. Watson Farley & Williams (WFW) has advised on the deal.A press release from the  international law firm based in London said that BPER Banca, formerly known as Banca Popolare dell’Emilia Romagna S.C., is a commercial and co-operative bank and the parent of the BPER Group, one of Italy’s leading banking groups.

17 Jan 2019

Shipbuilding: Fitch Warns Over Hanjin Shipyard's Debt

Image: Hanjin Heavy Industries and Construction Co. Philippines

The exposure of five Philippine banks to financially distressed Hanjin Heavy Industries and Construction Co. Philippines (HHIC-Phil), which recently declared bankruptcy after it defaulted on over $400 million in loans, could put pressure on their credit ratings.Their exposure to what may well be the largest corporate default in Philippine banking history may put pressure on the credit ratings of local lenders, Fitch Ratings said.According to reports, Hanjin owes $412 million to Philippine banks. Another $900 million is owed to Korean banks.

31 Dec 2018

Iran's Revolutionary Guards to Upgrade Speed Boats with Stealth Tech

Iran's Revolutionary Guards said on Monday they plan to upgrade their speed boats in the Gulf with radar-evading stealth technology and new missile launchers as tensions rise between Tehran and Washington in the vital oil shipping route.Ending a long absence of U.S. aircraft carriers in the region, the USS John C. Stennis entered the Gulf last week, and was shadowed by the Revolutionary Guards' speed boats.There have been periodic confrontations between the Revolutionary Guards vessels and U.S. military in the Gulf, although the number of incidents has dropped in recent months."We are trying to increase the agility of the Guards' speed boats and equip them with stealth technology to facilitate their operations…

26 Dec 2018

U.S. Navy Carrier Group Enters the Gulf

The guided-missile destroyer USS Mitscher (DDG 57), left, the dry cargo and ammunition ship USNS Charles Drew (T-AKE 10), the fleet replenishment oiler USNS Guadalupe (T-AO 300), and the guided-missile cruiser USS Mobile Bay (CG 53) transit the Strait of Hormuz, Dec. 21, 2018. The John C. Stennis Carrier Strike Group is deployed to the U.S. 5th Fleet area of operations in support of naval operations to ensure maritime stability and security in the Central Region, connecting the Mediterranean and

Iran says ready to respond, but U.S. aircraft carrier no threatIran is ready to respond to any hostile U.S. action, but it does not consider the arrival of a U.S. aircraft carrier in the Gulf last week a significant threat, an Iranian navy commander said on Monday.The USS John C. Stennis entered the Gulf on Friday, ending a long absence of U.S. aircraft carriers in the region as tensions rise between Tehran and Washington."The presence of this warship is insignificant to us,"…

26 Dec 2018

Captains, Crew Recoup Lost Wages by Arresting Megayacht

Photo by Ken Cage, IRG

Most yacht crew are compensated every payday, via wire transfer or check. But for some yachties, the only way to get paid is the hard way: by filing a lawsuit in federal court and literally arresting the megayacht for back pay owed.While many captains and crew are reluctant to initiate expensive litigation to arrest the boat they’ve served on, pursuing their seaman’s lien is the best route for compensation. If the legitimate amount due is well over $10,000, crew should stand on their rights and act on their valid claim immediately.

24 Dec 2018

Iran Ready to Respond, but U.S. Aircraft Carrier no Threat

Iran said on Monday it was ready to respond to any hostile U.S. action, but it did not consider the arrival of a U.S. aircraft carrier in the Gulf last week as a significant threat.The USS John C. Stennis entered the Gulf on Friday, ending a long absence of U.S. aircraft carriers in the region as tensions rise between Tehran and Washington."The presence of this warship is insignificant to us," Iran's Navy commander Habibollah Sayyari was quoted as saying by the semi-official ISNA news agency."We will not allow this warship to come near our territorial waters in the Persian Gulf," he added.Sayyari said the U.S. navy was allowed to sail in international waters near Iran, just as the Iranian navy could sail in the Atlantic Ocean near U.S.

20 Dec 2018

Monjasa: New Bunker Location on the Suez

African Sprinter (Courtesy of Monjasa)

Monjasa expects a 200,000mts volume increase from its new supply location Djibouti. The objective is to challenge status quo and provide a valid alternative to the traditional Suez and Jeddah bunker markets.Strategically located at the mouth of the Red Sea, Djibouti is fast developing into an attractive bunker destination on the busy Suez waterway. Improved maritime infrastructure and heavy investments in port developments are expected to further advance trade going in and out…

07 Dec 2018

MOL Signs Pact for Asia’s 1st Gas-to-Power Project FSRU

Map: Mitsui O.S.K. Lines (MOL)

Mitsui O.S.K. Lines (MOL) has announced that the company has signed deals for construction of a floating storage and regasification unit (FSRU), FSRU services, and financing for the Jawa 1 Gas-Fired Project, through PT Jawa Satu Regas (JSR), a joint company of PT Pertamina (Persero), Marubeni Corporation, and Sojitz Corporation etc.MOL is entrusted with FSRU construction supervision, maintenance, and operation services.In this project, PT Jawa Satu Power(JSP), jointly established by Pertamina…

20 Nov 2018

Star Bulk Carriers Reports Profit for Fourth Consecutive Quarter

Pic:  Star Bulk Carriers

The global shipping company focusing on the transportation of dry bulk cargoes Star Bulk Carriers Corp announced the third quarter ended September 30, 2018 marks the fourth consecutive profitable one.The Marousi, Greece-based company said that the total revenues for the third quarter of 2018 increased to $188.5 million from $80.8 million in the third quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk said: "we achieved $128.7 million in TCE Revenues, $80.1 million in Adjusted EBITDA and Net Income of $26.1 million.

12 Nov 2018

Iranian Military Ready to Protect Oil Tankers

File Image: AdobsStock / © Jose Gill

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock.The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May."Iran's armed forces...are prepared…

07 Nov 2018

Bahri Targets Acquisitions in Asia, Middle East

Abdullah Aldubaikhi (Photo: Bahri)

Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake."We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars…

05 Nov 2018

US Grants Temporary Iran Oil Waivers to Eight Countries

© Igor Groshev / Adobe Stock

The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers.Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per day.(Reporting by Lesley Wroughton, Susan Heavey and Humeyra Pamuk; Editing

29 Oct 2018

Seabury Maritime Expands Executive Team

Image: Seabury Maritime

The global maritime and transportation investment bank and industry advisory Seabury Maritime PFRA (SMPFRA), a division of Seabury Capital Group, announced the appointment of Fernando Lehrer as Executive Director, Head of Marine Services, and Nikos Petrakakos as Vice President, Head of Maritime Environmental Innovation.Lehrer and Petrakakos are joining the SMPFRA’s leadership to further advance the company’s strategy to provide an integrated platform to its clients that delivers…

26 Oct 2018

New Maritime Fuel Rules: Industry Frets About Cost, Strategy, Supply

© Igor Groshev/AdobeStock

There are studies and reports from classification societies, scientific organizations and governmental agencies assuring maritime industries that carbon-heavy fuel is peaking and will be replaced by 2050, if not by 2035, with zero carbon power alternatives. No question, they chorus, shipping can meet the IMO goals of a 50% reduction in 2008 levels of GHS by 2050.But as the hot breath of various deadlines bear down upon them, with the 2020 sulfur cap in the forefront, ship owners…

24 Oct 2018

Ship Financiers Toughen Stance on CO2 Emissions

File Image / Adobstock © 14ktgold

Leading shipping finance banks have joined industry players in support of faster action to cut carbon emissions by the sector.In April, the United Nations shipping agency reached an agreement to reduce CO2 emissions by at least 50 percent by 2050 compared with 2008 levels, which fell short of more ambitious targets.The UN's International Maritime Organization (IMO) is meeting in London this week to work on an initial strategy on cutting greenhouse gas emissions.In the meantime…

23 Oct 2018

Star Bulk Carriers Announces Financing Update

Pic: Star Bulk Carriers

Star Bulk Carriers announced that it has repaid to its lenders all outstanding deferred debt amounts originating from the September 2016 restructuring of its finance agreements.The global shipping company focused on the transportation of dry bulk cargoes said that it currently has no restrictions on vessel acquisitions or new debt and is free to make dividend payments to its shareholders from January 1, 2019 onwards.The seaborne transportation provider also announced today that…

22 Oct 2018

Container Logistics Blockchain Pilot Launched in Rotterdam

Pic: ABN Amro

The Port of Rotterdam Authority, Samsung SDS and ABN AMRO are preparing to launch a container logistics blockchain pilot.The pilot will seek to use blockchain technology to build a platform for efficient and paperless administration processes for the international finance and logistics surrounding container transport. The result should make it just as easy to transport, track and finance goods and services as it is to order a book online.Currently payments, administration and…

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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