Can the Cruise Shipping Boom Continue?
As the global cruise industry enjoys it most robust period of growth ever, the question invariably becomes: How long can it last?Cruising, which is a blend of the hospitality and maritime businesses, continues to grow at a historic pace. The Cruise Trends & Industry Outlook publication from Cruise Lines International Association (CLIA) projects a passenger count of 30 million in 2019 – up nearly 2 million from the previous year. By year end 2019 CLIA members – a veritable ‘who’s who’ of the largest brands – will have 272 vessels…
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. International…
ICTSI Australia Secures AUD398 Mln Loan
On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.
Euronav Announces $340m Credit Facility
The executive committee of Euronav NV announced that it has signed a new $340 million senior secured credit facility led by ING Bank NV acting as sole Bookrunner and together with Citibank NA, Danish Ship Finance A/S, DnB Bank ASA and KBC Bank NV acting as Mandated Lead Arrangers whilst Belfius Bank NV, BNP Paribas Fortis NV, Deutsche bank AG and ITF International Transport Finance Suisse AG are acting as Lead Arrangers. ING is also the facility agent. The credit facility comprises of (i) a $192 million term loan facility and (ii) up to $148 million non-amortising revolving credit facility. The facility will be available as from today for the purpose of (i) refinancing four Suezmax vessels: the Cap Felix (2008 – 158…
CP Ships Secures Financing
CP Ships is in the process of closing a secured five year revolving credit facility. Citibank N.A. has underwritten $ 250 million of the facility, which is expected to be $350 million in total. Closing of the underwritten portion of the facility is expected by the end of the year. The facility, which has been placed with banks with extensive experience of lending to the shipping industry, will be used primarily to finance CP Ships' previously announced $800 million ship investment program. Ships' regional trades. CP Ships also has in place a secured $175 million revolving credit facility, which became effective on August 2, 2001. announced on September 21 by CP Ships' former parent, Canadian Pacific Limited.
CP Ships Completes Credit Facility
CP Ships today signed the first part of the US$ 350 million secured five year revolving credit facility announced on December 12. Of the $350 million, $250 million has been placed with eight major banks with extensive experience of lending to the shipping industry. The remaining $100 million is expected to be placed by Citibank NA, the lead arranger, during the first quarter 2002. The facility will be used primarily to finance CP Ships' previously announced $800 million ship investment program. CP Ships also has in place a secured $175 million revolving credit facility, which became effective on August 2, 2001.
CP Ships Closes On $350 Million Credit Facility
CP Ships has closed on the remaining $100 million of a $350 million secured five-year revolving credit facility announced in December 2001. The facility's lead arranger, Citibank NA, has placed the $100 million with five major banks. These are in addition to the eight banks participating in the $250 million first part of the facility, which was signed on 20th December 2001. All 13 banks have extensive experience of lending to the shipping industry. The facility will be used primarily to finance CP Ships' previously announced $800 million ship investment program. CP Ships also has in place a secured $175 million revolving credit facility which became effective on 2nd August 2001.
