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Credit Insurance News

05 Jan 2022

Seaspan's 70-ship Newbuild Program Fully Financed with $1.4 Billion Deal

© aerial-drone / Adobe Stock

Containership giant Seaspan Corporation announced on Wednesday that it now has financing lined up for its entire 70-vessel newbuild program.With the completion of the latest $1.4 billion deal in December, Seaspan said its financing proceeds are approximately $6.9 billion.Seaspan, a subsidiary of Atlas Corp, said the $1.4 billion will be used to finance ten 15,000 TEU LNG dual-fuel newbuilds, the last of its recent $7.6 billion containership ordering spree, including three ships that have already been delivered.

16 Sep 2021

SBM Offshore Completes $1.6B Project Financing for FPSO Sepetiba

SBM Offshore's Fast4Ward Hull -Credit: SBM Offshore

Dutch FPSO leasing specialist SBM Offshore has completed the project financing of FPSO Sepetiba for a total of US1.6 billion, which SBM Offshore says, is the largest project financing in the company’s history.FPSO Sepetiba, formerly known as Mero 2, is destined for deployment in Brazil with Petrobras.SBM Offshore said that the project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE S.p.A.

26 Jan 2020

Exmar Secures FLNG, VLGC Financing

Belgium-headquartered manager of specialized floating assets Exmar said that China Export Credit Insurance Corporation (Sinosure) approved the release of $40 million from the debt service reserve account under the TANGO FLNG loan facility.The documentation for the release of the restricted cash has been signed and the effective release will occur within the coming days.In the meantime the TANGO FLNG has exported its second cargo for YPF in December 2019 and the third cargo is being produced.Exmar has two Very Large Gas Carriers under construction at Jiangnan, due for delivery in the course of 2021.The two vessels will each enter a five…

17 Aug 2018

Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War

© MAGNIFIER / Adobe Stock

Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP.

14 Jun 2018

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…

01 May 2017

Eimskip Gets Finance Deal for New Container Vessels

Eimskip has secured 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery. The lender is the German bank KfW IPEX-Bank GmbH. The loan is secured by China Export & Credit Insurance Corporation (Sinosure). On 25 January, Eimskip signed a contract with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. to build two 2,150 TEU container vessels. The contract price of each vessel is approximately USD 32 million and the vessels are expected to be delivered in 2019. The payment profile of the vessels is that 40% of the contract price is paid during the building period and 60% upon delivery. The contract was subject to financing and that has now been lifted.

29 Feb 2016

Pioneer Marine Posts Loss, Takes New Delivery

Singapore-based dry bulk operator Pioneer Marine posted a loss of $80.6m for the fourth quarter, and a yearly loss of $96.9m for 2015. Excluding the effect of the impairment loss, net loss as adjusted would have been $22.5 million for the year ended December 31, 2015 or $0.87 adjusted loss per share basic and diluted and $6.2 million for the fourth quarter of 2015 or $0.21 adjusted loss per share basic and diluted. Pankaj Khanna, Chief Executive Officer, commented, “2015 proved to be a challenging year for the drybulk industry with excess supply overwhelming anaemic demand growth, particularly in the fourth quarter. Iron ore and coal imports into China suffered the most as iron ore imports grew by just 2% compared to 2014 and coal imports declined by almost 30%.

28 Oct 2015

Phillips Heads Gulf Petrochem's Credit Risk, Bunkering Div.

Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business), Credit insurance & Bunker business development. Before joining Gulf Petrochem, he held the role of Global Head of Credit and Director at Soyuz Bunkering Group (Singapore) Pte Ltd, handling customer selection and promotion as well as liaising with legal departments and insurers on ship arrests and insurance claims. Prior to this, Phillips worked for Chemoil Energy Ltd, where he was responsible for the creation, implementation and management of global credit and counter party risk policy.

01 Jul 2015

Chinese PM Inks 2 Agreements During CMA CGM Visit

Chinese Prime Minister LI Keqiang (left) with Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM (Photo: CMA CGM)

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced. Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit. This delegation included the Chinese Foreign Affairs Minister Yi Wang…

12 Feb 2015

ABN Amro-Sinosure MoU for Shipping

Dutch bank ABN Amro and China Export &   Credit Insurance Corporation (Sinosure) have signed a memorandum of understanding (MoU) to develop business in the ship building sector. ABN Amro will provide local and sector knowledge in shipping and offshore transactions, an export finance source at the bank said. ABN Amro will provide medium and long-term financing to Chinese companies operating in shipping sector, guaranteed by Sinosure, while the Chinese agency is also hoping to draw on the bank’s experience in the sector. Sinosure has been previously active in the shipping sector, often involving a mixture of financing models, but usually with some domestic banking involvement. Industry observers say that the Chinese government has certain plans for shipping and offshore.

07 Nov 2014

Scorpio Bulkers Announces $39.6m Loan Facility

Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon delivery of two Kamsarmax vessels currently under construction at Tsuneishi Zhoushan Shipyard, China for delivery in Q3 2015 and Q1 2016. The facility, arranged by ABN AMRO Bank N.V., The Netherlands, with insurance cover to be provided from the China Export & Credit Insurance Corporation (Sinosure), has two tranches which shall each mature 10 years from the date of delivery of each vessel.

24 Jun 2014

Peak Re Appoints Credit & Surety Underwriter

Peak Reinsurance Company Limited (“Peak Re”), the fast growing Hong Kong based reinsurer announced the appointment of Kathleen Koh as Senior Vice President to underwrite credit and surety business. Ms. Koh will be responsible for developing and growing Peak Re’s credit book in Asia Pacific. As a credit & surety underwriter in the region, she has more than 15 years of combined banking and reinsurance experience, with extensive knowledge in the China market and the experience of building up the trade credit insurance business in China. Prior to joining Peak Re, Ms. Koh oversaw credit and surety business covering South East Asia and Greater China markets in various regional and global reinsurers.

29 Aug 2013

Irish Continental Group Half Year Results

In a comment John B. McGuckian Chairman stated, ‘‘This was a positive half years trading with increases in revenue and operating profit driven mainly by higher freight carryings and lower fuel costs, partially offset by weaker passenger markets. In the prior year the group disposed of its subsidiary Feederlink and the comparatives set out in the Interim Management Report have been restated to exclude trading from discontinued operations. The Board of Irish Continental Group plc (ICG) reports that, in the seasonally less profitable first half of the year, the group recorded revenue of €120.9 million compared with €117.0 million in the same period in 2012, an increase of 3.3%.

12 Oct 2001

OceanConnect Announces New Equity Partner

Booz Allen Hamilton concludes that OC is bringing efficiencies to the marine industry. OceanConnect.com, the global marketplace for the purchase and sale of marine fuels, today that management and technology consultancy Booz Allen Hamilton has entered into a letter of intent to become an equity partner in OceanConnect. The announcement follows OceanConnect's news that it has reached the million-ton milestone for bunkers sold. "In our work with oil and gas companies, we have seen how the introduction of new business channels such as OceanConnect can lead to advantaged supply chain management and back office integration. After reviewing their performance record and product development plans…

12 Jun 2000

Lubricant Technology Proven Tough Under Fire

When Texaco, now represented in the marine lubricants market by FAMM (Fuel and Marine Marketing), launched Taro 40 XL 40, the lubricant was designed to address pressing field problems in medium speed engines. Three years later FAMM is in a position to evaluate the performance in a large number of engines and to compare the field results with competitive lubricants. The pressing problems arose from a series of engine design and fuel processing changes. Although aimed at improving engine efficiency and making savings, the changes resulted in a series of difficulties. The best known are engine blackening, undercrown deposits, piston head corrosion, fouling of purifier heaters, increased oil consumption, base number depletion, oil scraper ring clogging and increased piston deposits.

15 Jun 2000

Dot Com, Maritime Style

Much as has transpired in mainstream consumer markets, the dot com craze has recently enveloped the maritime world with promises of cost savings and operational efficiencies. While an attrition and natural process of consolidation can eventually be expected, the world of e-commerce solutions for the maritime market is definitely in its infancy. While it is impossible to judge the full working models in this report, the following text contains synopsis reports on some of the more noteworthy market entrants. Recently launched by Boston-based WebPark Corp., Boat-Park.com is an on-line virtual trade show, which seeks to bring together worldwide participants into its virtual trade show, which is open 24/7.

20 Feb 2001

OceanConnect.com Offers Credit Insurance

OceanConnect.com, the independent online marketplace for the purchase and sale of marine fuels, products and services introduced an innovative feature called OceanConnect.com Credit Solutions. Through the website, up to $1 million of credit protection could be available per ship owner closing business on the OceanConnect.com site. OceanConnect.com Credit Solutions provides the opportunity for suppliers to be covered for losses due to insolvency or default by buyers. Coverage is provided by an underwriter rated "A+XV" by A.M. Best Company. When an auction is created, available coverage is calculated instantly and can be viewed by buyers and invited suppliers on the auction monitor. OceanConnect.com Credit Solutions provides benefits to both suppliers and buyers alike.

26 Apr 2000

OceanConnect, Clarksons Join Forces

Online marine fuel supplier OceanConnect on Wednesday signed a strategic alliance with ship broking group Horace Clarkson Plc. Clarksons, the world's biggest shipbroking group will also become an equity partner in OceanConnect. In the last month OceanConnect has announced partnerships with shipping companies Eletson Corporation, Keystone Shipping Co and Stena Bulk AB plus Japan's Nippon Mitsubishi Oil Company and energy information provider Petroleum Argus. Scheduled to begin operations in late spring, OceanConnect said it aims to provide a fast and price-efficient marketplace for marine fuel transactions plus real-time information on pricing and product availability.

20 Mar 2000

China Finances $370M Shipbuilding Deal With Iran

The Export-Import Bank of China has agreed to lend $370 million to two state-owned conglomerates contracted to build five oil ships for Iran. The deal marks the largest loan yet by the Eximbank, which was founded in 1994 to help finance Chinese machinery exports. The loans to China Shipbuilding Industry Corp. and China Shipbuilding Trading Co. Ltd. reportedly carry export credit insurance worth $500 million. The contracts with Iran are China's first to build and export oil ships of the 300,000-tonnage size, marking a breakthrough for the domestic shipbuilding industry.