Cassa Depositi News

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises.

Fratelli Cosulich Bunkers (S) Pte Ltd. christened and launched its second Small Scale LNG carrier - the Paolina Cosulich - at the CIMC SOE shipyard in China.The event  was attended by Diana Mok - Managing Director at Fratelli Cosulich Bunkers (S) Pte Ltd, acting as the godmother of the vessel. Paolina Cosulich will sail under the Italian flag with Captain Vincenzo Scotto at the helm. The 5,300 DWT vessel can carry 8,200 m3 of LNG and 500 m3 of MGO and will be fitted with Wartsila's Dual Fuel technology.Boil off management techniques will be used by the LNG subcooling plant…

Alice Cosulich, the first of two Small Scale & Bunker Vessels for Fratelli Cosulich Group was recently christened and luanced at the CIMC SOE shipyard in China.Giulia Cosulich, ESG Corporate Director at Fratelli Cosulich Group, acted as the godmother of the vessel.Alice Cosulich and will sail under the Italian flag with Captain Vincenzo Scotto at the helm.The vessel, which has a 5,300 DWT and can carry 8,200 m3 of LNG and 500 m3 of MGO, will be fitted with Wartsila’s Dual Fuel technology.

Italy's Fincantieri said sales rose 18% from a year earlier in the first quarter to 1.7 billion euros ($1.8 billion) driven by a strong performance of its core shipbuilding business.The group is gearing up for the exit of chief executive Giuseppe Bono, who is set to retire after 20 years at the helm to be replaced by former Maire Tecnimont CEO Pierroberto Folgiero.Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 17.2% at 118 million euros.The EBITDA margin was flat at 7.0% and the company expects it to remain "solid" despite recent rises in commodity prices…

A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday…

Fincantieri shares fell as much as 6.5% on Thursday on the prospect of a big capital increase by the Italian shipbuilder as it tries to cope with the coronavirus crisis which has hit its customers in the cruise industryBloomberg News reported late on Wednesday the state-owned firm, which has a market capitalization of about 1 billion euros, was considering a capital increase of up to 1.5 billion euros ($1.8 billion).A spokesman for Fincantieri said no decision had yet been taken on various options for ‘extraordinary transactions’ which were being evaluated.

Italian oil group Eni is joining forces with shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The agreement, which follows the understanding signed last 19 April, will launch the first phase of a joint project to convert the Inertial Sea Wave Energy Converter (ISWEC) pilot project, an innovative system that transforms energy generated by waves into electricity, into an industrial scale power station, making its application and use immediately available.The partnership agreement will focus on two phases: during the first phase, the companies will develop a business model and define a deployment plan for Italy.

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market," said a statement.The renewAfrica launch event was hosted by RES4Africa and reflects the need for a strong joint effort…

Italian oil group Eni is joining forces with compatriot shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The Chief Executive Officers of the companies have signed a non-binding agreement today at the Eni headquarters in the EUR district of Rome to develop and build wave power stations on an industrial scale.The agreement seeks to combine the knowledge of the collective companies to transform the Inertial Sea Wave Energy Converter (ISWEC) pilot project into a project on an industrial scale for immediate application and use. ISWEC is the innovative system that converts energy generated by waves into electricity.

Italian investment bank Cassa Depositi e Prestiti (CDP), the largest shipbuilder in Europe Fincantieri and natural gas transmission company Snam teamed up to innovate port facilities in Italy and develop sustainable technologies for maritime transport.The preliminary collaboration agreement is aimed at identifying, defining and implementing medium-term strategic projects for the innovation and development of port facilities in Italy, as well as for the development of sustainable technologies applied to maritime transport, in line with the provisions of the National Integrated Energy and Climate Plan Proposal (PNIEC).The agreement was signed today in Rome by the CEOs of CDP…

The European Commission has agreed to the request submitted by France and Germany asking it to look at Fincantieri's proposed acquisition of Chantiers de l'Atlantique in the light of the EU Merger Regulation.The Commission considers that the transaction could harm competition at European and global level.The proposed acquisition of Chantiers de l'Atlantique by Fincantieri does not reach the turnover thresholds set by the EU Merger Regulation for transactions notifiable to the European Commission because of their European dimension. However, the plan was notified for authorisation in France and Germany.France submitted a referral request pursuant to Article 22(1) of the EU Merger Regulation.

The cruise shipbuilder Fincantieri has signed contracts with  the Shanghai City’s District of Baoshan to set up a cruise hub."At the presence of the Deputy Prime Minister of Italy and Minister of Economic development and Labor Luigi Di Maio and the Chairman of Cassa depositi e prestiti Massimo Tononi, the Fincantieri CEO Giuseppe Bono and the District Mayor of Baoshan Fan Shaojun, within the development of the shipbuilding segments, set out by China, have signed the contracts aimed at creating a cruise hub, mainly dedicated to  activities in this sector, as well as in shipbuilding and maritime," said a press release from the  Italian shipbuilding company.As part of the agreements between Fincantieri…

Shipbuilding giants Fincantieri and China State Shipbuilding Corporation (CSSC) have agreed to extend an existing cooperation spanning all fields of commercial shipbuilding.The firms signed a Memorandum of Understanding during a ceremony in Beijing, at the presence of the Italian Minister of Economy and Finance Giovanni Tria, the CEO of Cassa Depositi e Prestiti Fabrizio Palermo, the CEO of Fincantieri Giuseppe Bono, and the Chairman of CSSC Lei Fanpei.Under the deal, Italian shipbuilding group Fincantieri and China’s CSSC will discuss the possibility to extend their current collaboration…

Cruise liner MSC Cruises has reached an agreement for an EUR 1.5 billion (USD 1.74 billion) financing for two new Seaside EVO class cruise ships.BNP Paribas, Unicredit and Cassa Depositi e Prestiti will provide EUR 1.5bn in financing for two Seaside EVO class passengerships. The financing syndicate of lenders also include SACE SIMEST, the Italian ECA, fully backing the credit line and stabilising the interest rate.The first ship is expected to be delivered in May 2021 and the second in February 2023. With the addition of these new ships, MSC Cruises now has plans in place for up to ten new ships to be built by 2026.The 339m long vessels…

Italian gas group Snam is in exclusive talks with EDF's Italian unit Edison to buy a stake in a liquefied natural gas terminal in northern Italy as part of plans to develop its LNG business, two sources said. Snam, controlled by state lender Cassa Depositi e Prestiti, is looking to buy Edison's 7.3 percent stake in Terminale LNG Adriatico and the gas pipeline that connects it to Italy's gas transmission backbone, the sources said. Adriatic LNG, which has a capacity of 8 billion cubic metres per year, is 70.7 percent owned by ExxonMobil and 22 percent by Qatar Petroleum.

Italy announced 4.8 billion euros ($5.45 billion) in credit lines and financial guarantees to relaunch exports to Iran, the Italian export agency said on Tuesday during Prime Minister Matteo Renzi's visit to Tehran.   Italy's state-run lender Cassa Depositi e Prestiti will offer credit lines worth 4 billion euros to companies building oil-and-gas and transport infrastructure, while export agency SACE will guarantee those loans,a SACE statement said.   A further 800 million euros in credit lines for small- and medium-sized will also be offered, the statement said.     ($1 = 0.8758 euros) (Reporting by Steve Scherer, editing by Isla Binnie)

Following on a March 2015 agreement and a memorandum of agreement last December, Fincantieri, a leader in cruise ship design and construction, and Carnival Corporation & plc, the world’s largest cruise company, have finalized contracts for the construction of five next-generation passenger ships. The contracts finalized today envisage one further unit compared to the memorandum of agreement of December and mark the most important goal reached by the two groups in the last years, having a total value which exceeds 3 billion euros. Crucial, once more, for the finalization of the agreement, the supporting of the export credit system lead by Cassa Depositi e Prestiti (Cdp).

Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships, which will be the largest vessels ever built by the Fincantieri shipyard in Trieste, Italy. The financing for MSC was provided by a syndicate of banks including Crédit Agricole Corporate and Investment Bank (“CA-CIB”), BNP Paribas, Cassa Depositi e Prestiti S.P.A., HSBC France, Banco Santander S.A and Unicredit S.P.A. as mandated lead arrangers and underwriters. CA-CIB also served as structuring agent and bookrunner. The financing was supported by Italian export credit agency Servizi Assicurativi del Commercio Estero (“SACE”).

Stefano Cao has been brought back by Eni to turn around the oil service subsidiary Saipem that he spent nearly 25 years working for and prepare it for a sale, according to people familiar with the plan. Italian state-controlled oil major Eni has been mulling for years the idea of cutting its 43 percent stake in Saipem to somewhere below 30 percent, mainly to get 4.4 billion euros ($4.7 billion) of debt off its balance sheet that has been a brake on its own growth. But falling oil prices and setbacks that culminated last year in Saipem losing the lucrative South Stream gas pipeline project forced Eni to put the plan on hold. Saipem shares have fallen more than 60 percent in the past two years…

Riva Trigoso (Genoa) shipyard celebrated the launch of the frigate Alpino, the fifth of a series of 10 FREMM vessels - Multi Mission European Frigates, ordered from Fincantieri by the Italian Navy within the framework of an Italo-French program of cooperation. Godmother to the ship was Maria Rosa Solimano, cousin of Francesco Solimano awarded with the Gold Medal of Military Valor. Present at the ceremony were, among others, Claudio Burlando, Governor of Liguria, Senator Nicola Latorre, Chairman of the 4^ Senate's Defense Committee, Admiral Luigi Binelli Mantelli, Italian Chief of Defense, Lieutenant General Claudio Graziano, Italian Army Chief of Staff…

Italy's Fincantieri, whose initial public offering started on Monday, will not pay dividends in the medium-term, the shipmaker's Chief Financial Officer Fabrizio Palermo said at the roadshow before the listing. Fincantieri's Chief Executive Giuseppe Bono explained the company would not pay dividends for the next three years. The company, which is wholly owned by Italian state lender Cassa Depositi e Prestiti (CDP) through its Fintecna unit, said in a statement on Friday it would offer a stake of up to 38.2 percent stake…

Italian state-owned shipmaker Fincantieri aims to make its debut on the Milan bourse in July with a stock market value of up to 1.84 billion euros ($2.5 billion), it said on Friday. Fincantieri, maker of vessels ranging from luxury yachts to military aircraft carriers, said in a statement it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, at a price range between 0.78 euros and 1 euro per share. That would value the company, based in the northeastern port city of Trieste…