$252m Finance for LNG-Powered Tankers
Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.
NRC Completes OP-TECH Acquisition
National Response Corporation (NRC) announced the completion of the acquisition of OP-TECH Environmental Services, Inc. (OP-TECH). NRC was acquired in March 2012 by investment affiliates of J.F. Lehman & Company, a leading middle-market private equity firm focused on the defense, aerospace, and maritime sectors. Senior debt financing for the acquisition was arranged by BNP Paribas Securities Corp. (as sole lead arranger). Jones Day LLP provided legal counsel to NRC. NRC is a commercial provider of United States Oil Pollution Act of 1990 regulatory compliance and emergency response services as well as a global provider of diversified environmental, industrial and emergency response solutions. Headquartered in Great River, N.Y., with regional offices throughout the U.S.
Diana Prices USD 70 mln Public Offering
Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share. The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts.
Seaspan Extends, Refinances Credit Facility
Company says that move further strengthens Capital Structure. Seaspan Corporation ("Seaspan") announced that it has entered into an agreement to extend and refinance its $1.0 billion credit facility. BNP Paribas Securities Corp. acted as the lead arranger of the amended facility. Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We appreciate the strong support we continue to receive from leading global banks and are pleased to have successfully refinanced the $1.0 billion facility ahead of the maturity date and under attractive terms. The refinancing provides multiple benefits for Seaspan and its shareholders…
Sureclean Added to NRC Group
National Response Corporation (NRC) announced the completion of a deal which sees U.K.-based Sureclean Limited become part of the NRC group. NRC is a global provider of diversified environmental, industrial and emergency response solutions. Headquartered in Great River, New York, with regional offices throughout the U.S. and internationally, NRC has approximately 800 employees. Operating both in the U.K and internationally, Sureclean is a provider of specialty industrial and environmental solutions to the oil and gas, petrochemical, renewables, utilities, civil engineering and construction sectors. The company is headquartered in Alness, Scotland with additional offices in the Aberdeen area and employs a permanent staff of 135.
National Response Corporation Acquires Emerald Alaska
National Response Corporation (NRC), a portfolio company of J.F. Lehman & Company, announced today the completion of the acquisition of Emerald Alaska, LLC from Emerald Services, Inc. NRC is a commercial provider of United States Oil Pollution Act of 1990 regulatory compliance services as well as a global provider of specialized environmental and emergency response solutions. Headquartered in Great River, N.Y., with regional offices throughout the U.S. and internationally, NRC has more than 1,000 employees globally. Emerald Alaska is a provider of environmental and emergency response solutions to the oil and gas industry in the state of Alaska.
Drew Marine Completes Acquisition of Chemring Marine
Affiliates of Drew Marine (Drew Marine) completed of the previously announced acquisition of Chemring Group PLC’s (Chemring) maritime interests for cash consideration of £32 million. Under Drew Marine's ownership, the acquired business will be named Drew Marine Signal and Safety (DMSS). DMSS is the world's leading supplier of marine distress signals including handflares, manoverboard buoys, line-throwers and other required rescue products under established brands including Pains Wessex, Comet, Aurora and Oroquieta. The Company's products are produced in Bremerhaven, Germany; Pamplona, Spain; and Lara, Australia. The business will continue to be headquartered in Hampshire, UK.
Scorpio Tankers says Upsized and Extended Credit Facility
Scorpio Tankers Inc. announced the upsizing and extension of its BNP Paribas Credit Facility. The Company has received an additional $27.6 million commitment from BNP Paribas to upsize its BNP Paribas Credit Facility. The $27.6 million increase of the bilateral financing will bear interest at LIBOR plus a margin of 2.30% per annum, has a final maturity of December 2021, and will be used to refinance the existing indebtedness on two MR product tankers (2013 built) at the lesser of $13.8 million and 48% of the fair market value of each respective vessel.
Texas LNG’s Brownsville Project Progressing
Texas LNG appoints BNP Paribas as financial adviser for Brownsville LNG project, progresses FERC pre-filing process and completes over 60 percent of front end engineering and Design for facility. Texas LNG Brownsville LLC announced that BNP Paribas has been appointed as financial adviser for the Brownsville project. BNP Paribas will assist Texas LNG in the raising of equity and debt financing for the total capital requirements of the Project, including the execution of definitive transaction documents for achieving final investment decision (FID) and project construction.
Japan Bank Finances Danish Shipper
The Japan Bank for International Cooperation (JBIC) will provide a total of $28.3 million in syndicated loans with French bank BNP Paribas to help a major Danish shipping operator’s unit buy cargo vessels to be built by leading Japanese shipbuilder Imabari Shipbuilding, Jiji Press reported. The state-owned JBIC aims to revive the domestic regional economies relying on the shipbuilding industry by giving financial support for vessel exports at a time when the industry faces a global slump due to oversupply, the report quoted informed sources as saying.
SCF Secures Funds for Six Aframax Tankers
PAO Sovcomflot (SCF Group) informed that it has signed a new $252 million 7-year credit facility with a consortium of six leading international banks, which includes: ABN AMRO Bank; BNP Paribas; Citibank; ING Bank; KfW IPEX-Bank, and Société Générale. The funds will be used towards financing a series of six Aframax tankers, the first-ever such vessels purpose-designed to be powered by LNG, currently under construction and due for delivery from Q3 2018 to Q2 2019. These innovative…
Bahri Secures $133m Funding for Five Ships
National Shipping Company of Saudi Arabia (Bahri) said on Sunday that a subsidiary had secured $133.2 million in Islamic financing to purchase five chemical tankers. The funding will be provided to National Chemical Carriers by Arab Petroleum Investments Corporation and BNP Paribas in the form of a murabaha facility for a 10-year period, it said in a bourse statement. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. (Reporting by Mariam Abu Bakr; writing by Tom Arnold; editing by Jason Neely)
Navig8 Product Tankers Expands Fleet
Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, has taken delivery of one LR1 74,000 DWT product tanker, the Navig8 Expedite, from STX Offshore & Shipbuilding Co, Ltd. The vessel will be entered into and operated in the LR8 commercial pool operated by the Navig8 Group. Thus far the Company has taken delivery of three LR1 and two LR2 product tankers newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.
Investors Snap Up Shipping Loans, Reflecting Growing Confidence
Global private equity firm KKR has bought $150 million worth of shipping loans from two European banks amid a surge of interest in the industry as world trade in goods picks up along with the global economy. There have been a flurry of deals in recent months for ship finance loans, many of which are being put up for sale by banks under pressure to boost their capital in order to adhere to new, stricter industry legislation born of the financial crisis. The banks have suffered alongside the shipping firms they lent to, as the latter endured one of their worst downturns in decades.
Diana Shipping Announces $53.5m Drawdown
Diana Shipping Inc. Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, completed a drawdown of $53.5 million on December 19, 2014, through two separate wholly-owned subsidiaries, under a term loan facility it signed with BNP Paribas. The proceeds will be used to partially finance the acquisition costs of two Capesize dry bulk vessels, the m/v P. S. Palios and the m/v G. P. Zafirakis, which were delivered to the company on December 2, 2013 and August 20, 2014, respectively. Additionally, the company announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Nirefs, a 75,311 dwt Panamax dry bulk vessel built in 2001.
Aegean Marine Petroleum Secure US$1-billion Credit Facility
Aegean Marine Petroleum Network Inc. state they will make use of this line of credit for working capital in connection with the purchase, transportation, storage and sale of fuel and gas oil. "These facilities significantly enhance our financial flexibility and will help support Aegean's continued ability to expand our global market share while achieving profitable revenue growth," said E. Nikolas Tavlarios, President of Aegean. "We believe our liquidity and strong balance sheet are key differentiators that create significant competitive advantages. Spyros Gianniotis Aegean's Chief Financial Officer added, "We are pleased that eight of the 13 banks participating in the facilities are new to our bank group.
IHC Merwede Expands Banking Facilities
IHC Merwede has recently increased its underwriting capacity by more than 50 percent to nearly $2.2 billion. Of this amount, over $1.3 billion has been committed. The financial agreement has been forged between IHC Merwede and an international banking consortium made up of five banks, with the aim of facilitating international growth. The five banks which form the consortium all have large international networks. Three of the five – ABN AMRO, ING and Rabobank – were chosen for their proximity to IHC Merwede’s Netherlands-based business.
Total CEO Calls for Increased Use of the Euro
French oil giant Total's chief executive officer (CEO) Christophe de Margerie said on Saturday, although they can not do without the dollar, but the euro should play a more important role in international trade. BNP Paribas was after U.S. regulators astronomical fines, some have called on the EU level to find ways to enhance the euro in international trade. Margerie was in answer to questions related to this. "To get rid of dollars, which is unrealistic, but if you increase the use of the euro will benefit," he told reporters. He also said that although oil is quoted in U.S.
Fincantieri Files for Milan IPO
Italy's Fincantieri said on Tuesday it had filed a request to list its shares on the Milan bourse, as state lender Cassa Depositi e Prestiti (CDP) moves to offer private investors a minority stake in the ship building company. The disposal of Fincantieri - wholly owned by CDP, which in turn is controlled by Italy's treasury - is part of a new wave of privatisations the Rome government announced at the end of last year. Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit CIB are global coordinators of the offering.
CMA CGM Keeps Buying NOL Shares
French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times. It acquired 1.33 million (0.05 per cent stake) at $1.233 apiece) and 930,700 shares (0.04 per cent) at S$1.235 each on Jan 4 and Jan 5 respectively. This information was revealed by CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan.
CMA CGM Completes Sale of Los Angeles Terminal
The CMA CGM Group completed today the sale of a 90% equity interest in Global Gateway South terminal (GSS) in Los Angeles (United States) to EQT Infrastructure III (EQT Infrastructure) and its partner P5 Infrastructure (P5), for an Enterprise Value of USD 875 million. Consequently, CMA CGM received a cash consideration of about USD 820 million that may be completed according to the terms announced last July. CMA CGM will remain a minority shareholder with 10% of the GGS terminal and will continue to be a major user of the facility.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction. Bank of America Merrill Lynch, MUFG, BNP Paribas, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, JP Morgan, Lloyds Bank, Mizuho Bank, Natixis, Rabobank, Societe Generale, Standard Chartered Bank, SMBC and UniCredit Bank were mandated lead arrangers and bookrunners.
CMA CGM Secures Bank Funding for NOL Takeover
CMA CGM has secured the necessary financial backing to proceed with an acquisition of Singapore's Neptune Orient Lines (NOL), Reuters reports, citing two people said to be familiar with the matter. The French shipping giant is reported to have received “firm commitment” from lenders HSBC, BNP Paribas and JPMorgan to bankroll the deal. A takeover of NOL would boost the world's third biggest container line's position on transpacific routes at a time when operators are struggling with overcapacity and low freight rates.