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Danske Bank News

28 Feb 2024

Swedbank Adopts Poseidon Principles

Source: Swedbank

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 banksā€™ 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 itsā€¦

15 Dec 2023

Edda Wind Secures Green Financing for Newbuild Program

(Image: Edda Wind)

Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.The agreement is a ā‚¬161 million green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years. The facility corresponds to a leverage ratio of 60% of the total readyā€¦

11 Jul 2022

Ships Get Older and Slower as Emissions Rules Bite

Ā©OlegD/AdobeStock

If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with aging fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules.From next year, the International Maritime Organization (IMO) requires all ships to calculate their annual carbon intensity based on a vessel's emissionsā€¦

03 Feb 2022

ABB Expects Supply Bottlenecks to Ease in 2022

Ā© Roland Magnusson / Adobe Stock

ABB expects supply chain bottlenecks to ease during 2022, the Swiss engineering group said on Thursday, after shortages of semiconductors hurt its ability to deliver increasing orders during the fourth quarter.The maker of fast chargers for electric vehicles and industrial drives for factories reported a 21% jump in orders as demand surged from machine builders, food manufacturers and general industry.But revenues grew by only 8% as ABB battled shortages of key components such as semiconductor chips that have hit the rest of industry.

01 Mar 2021

TORM Buys Eight Vessels from TEAM Tankers

TORM said on Monday it has entered into an agreement to purchase eight MR product tankers with chemical trading capabilities from TEAM Tankers in a partly share-based transaction.The deal, which includes a total cash consideration of $82.5 million and the issuance of 5.97 million shares, will increase TORMā€™s total fleet to 83 vessels.The eight vessels are all built at the Croatian shipyard Brodotrogir from 2007 through 2012, and six of them have specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform.The vessels are:TEAM Amorina (2012-builtā€¦

15 Dec 2020

Ship Finance Lenders Fall Short of Sector's Carbon Targets

Ā© Alexey Lesik / Adobe Stock

Many of the worldā€™s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the worldā€™s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principlesā€¦

19 Oct 2020

Outgoing Ørsted CEO Poulsen to Join AP Moller

Henrik Poulsen - Credit: Ƙrsted

Henrik Poulsen, CEO of offshore wind giant Ørsted, who recently announced his decision to step down after eight years with the firm, will join Denmark's maritime giant AP Moller Holding.The A.P. Moller Group comprises of A.P. Moller - Maersk, Danske Bank, Maersk Drilling, Maersk Tankers, Maersk Product Tankers, KK Wind Solutions and A.P. Moller Capital. A.P. Moller Holding is the parent company of the Group.Poulsen will join AP Moller Holding (APMH) as a Senior Advisor and member of its Investment Committee on February 1, 2021.

08 May 2020

Tallink to Get $108 Mln Loan from Estonia

(Photo: Tallink)

Estonia will give the Baltic Sea shipping firm Tallink, which has been badly hit by lockdowns, a 3-year loan of 100 million euros ($108 million), the government of the small EU member said on Friday.Tallink - which operates large ferries between Estonia and Finland, and from Latvia, Estonia and Finland to Sweden - is approaching its peak season of June-August with most of the countries around the Baltic closed to travelers because of the coronavirus pandemic.The firm's passenger traffic dropped 96% in April, while cargo traffic fell 14%.Tallink this week reported a gross loss of 0.2 million eu

02 Feb 2020

Poseidon Readies $140Bn Shipping Loan

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping ā€“ about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shippingā€™s decarbonization.They establish a common framework to quantitatively assess and disclose whether financial institutionsā€™ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO), a specializedā€¦

14 Jan 2020

TORM Secures $496M for Debt Refinancing

Denmark-based product tanker company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.The carrier of refined oil products said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance the companyā€™s debt covering a total of USD 502 million.Following the refinancing, TORM does not have any major debt maturities until 2026 which supports TORMā€™s strong capital structure, it said.ā€œI am very pleased that we have been able to utilize TORMā€™s strong relationship with our lenders to remove all major near- and medium-term debt maturities with the financing of USD 496m in debt facilities at attractive terms.

05 Jan 2020

SGRE Reaches $1.9Bn Green Guarantee Lines

Siemens Gamesa Renewable Energy (SGRE) has announced that in less than a year, and aligned to its commitment to sustainability it has accumulated ā‚¬1.72 billion ($1.9Bn) in green guarantee lines."SGRE is moving forward in its strategy of making sustainability a key element of all aspects of its business, including its funding strategy," said a press statement.Siemens Gamesa recently extended a guarantee line from Danske Bank to ā‚¬150 million from an initial ā‚¬100 million and included Sustainable Development Goals (SDG) criteria. Likewise, the Company has signed and also included similar conditions for a new ā‚¬140 million guarantee line from Mizuho Bank Europe NV.In less than a year, and aligned to its commitment to Sustainability, it has accumulated ā‚¬1,72 billion in green guarantee lines.

27 Nov 2019

Orsted Raises $660m Green Finance

Denmark-based energy giant successfully issued green hybrid capital securities for ā‚¬600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by Ørsted A/S in green renewable energy projects will be allocated to the new issue corresponding to the amount issued in accordance with Ørstedā€™s Green Finance Framework, which has received a second opinion with a Dark Green shading from Cicero.Ørsted A/S is rated Baa1, stable outlook, by Moodyā€™s, BBB+, stable outlook, by Standard & Poorā€™s, and BBB+, stable outlookā€¦

18 Nov 2019

BW Offshore Completes Bond Issue

BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023.The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled for 4 December 2019.The existing NOK bonds have either been repurchased as part of the offering or will be called with settlement mid-January 2020.In combination with the USD 297.4 million convertible bond issue announced on 5 November 2019, the new bond successfully concludes the companyā€™s refinancing of its existing NOK bonds maturing between 2020 and 2022ā€¦

17 Sep 2019

The Poseidon Principles: De-carbonizing Global Shipping

The Poseidon Principles have been established by the Global Maritime Forum and major financial institutions as a framework within which maritime industry stakeholders will work to reduce carbon emissions.

(Photo Ā© Adobe Stock / Paul Vinten)

The Global Maritime Forum, banking institutions and other maritime industry stakeholders have developed the Poseidon Principles, a global agreement among financial institutions with the aim of decarbonizing shipping. Named after the Greek God of the sea, the Poseidon Principles aim to reduce carbon emissions by aligning financial institutionsā€™ shipping portfolios with (IMO target of a 50 percent reduction in emissions by 2050. The global framework will establish a common way of assessing and disclosing whether a bankā€™s lending portfolio is compatible with broader climate goals.Søren Toftā€¦

27 Jun 2019

Shipping Companies: Is Bigger Better?

Ā© Julien/Adobe Stock

ā€œIf consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ā€˜commoditizedā€™ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.ā€Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other businessā€¦

26 Jun 2019

Dolphin Drilling Declares Bankruptcy

(Photo: Dolphin Drilling)

Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations.Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows.Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin wasā€¦

18 Jun 2019

Being Green: Banks Consider CO2 Emissions in Shipping Loans

Ā© Elnur/AdobeStock

A group of leading banks will for the first time include efforts to cut carbon dioxide emissions in their decision making when providing shipping company loans, executives said on Tuesday.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Working with non-profit organisations the Global Maritime Forum, the Rocky Mountain Institute and London University's UCL Energy Instituteā€¦

17 Jun 2019

Banks Impose Emissions Rule in Ship-Finance

Eleven banks with a combined shipping finance portfolio of $100bn will for the first time integrate climate considerations into lending decisions to incentivize maritime shipping's decarbonization.Named 'the Poseidon Principles', the new rules are a global framework for assessing and disclosing the climate alignment of financial institutions' shipping portfolios, said joint press release from Rocky Mountain Institute, Global Maritime Forum and UCL Energy Institute.Founding Signatories include Citi, Societe Generale, DNB, ABN Amro, Amsterdam Trade Bank, Credit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea, and represent around 20% of the global ship finance portfolio."As banksā€¦

17 May 2019

DNO Completes $400mln Bond Placement

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreedā€¦

14 Mar 2019

Belships Gets USD140Mln to Expand Fleet

Norway's dry bulk owner Belships Group has secured a USD 140 million loan facility. The loan replaces the Group's current senior debt of USD 105 million.The new loan will be available in two tranches, said a press release from the bulk ship operator and management company. An initial tranche of USD 110 million will replace Belships existing loan and strengthen the Group's working capital. An accordion tranche of USD 30 million will be available for fleet expansion.Following the merger with Lighthouse Group in December 2018, Belships currently owns twelve supramax and ultramax dry bulk vessels. In addition, the Group operates three ultramax on time and bareboat charter with purchase options.

06 Nov 2018

Maersk Ousts Danske Bank Chairman after Scandal

Danske Bank's largest shareholder, the Maersk family, has ousted the lender's chairman after a money laundering scandal that has also forced out its chief executive.A.P. Moller Holding, which controls about 21 percent of the share capital in the bank, has nominated Karsten Dybvad, who currently heads the Confederation of Danish Industry, to replace Ole Andersen as chairman of Denmark's largest bank.The move is a rare example of Denmark's Maersk family, which controls shipping giant A.P. Moller-Maersk through A.P. Moller Holding, openly flexing its muscles to seek change at one of its investments."Danske Bank requires new leadership and changes to its board to strengthen its position as a leading Nordic bank," Robert Uggla, chief executive of family-owned A.P.

06 Sep 2018

Morten Mosegaard Christensen New CFO for Maersk Tankers

Maersk Tankers has appointed Morten Mosegaard Christensen as its new Chief Financial Officer (CFO).Christensen joins Maersk Tankers from Danske Bank where he serves as interim CFO and Chief of Staff. Previously, he has held leadership positions at Danske Bank, including Head of Group Finance and Head of Group Financial Management.He has long experience in finance in areas such as performance management, tax, cost control, accounting, business intelligence and capital management. He has also worked in strategy and business development at a senior management level. Christensen holds a PhD in Finance from the University of Southern Denmark.ā€œMaerskā€¦

26 Aug 2018

Jesper Ridder Olsen is New CFO of Maersk Drilling

Jesper Ridder Olsen is appointed new CFO of Maersk Drilling. The appointment follows the announce-ment of A.P. Moller ā€“ Maerskā€™s intention to pursue a demerger of Maersk Drilling via a listing on Nasdaq Copenhagen in 2019.With a long career in KPMG and Ernst & Young, Jesper Ridder Olsen has been involved in a number of capital market transactions, including IPOs, in addition to serving as auditor and advisor for large Danish companies, such as A.P. Moller ā€“ Maersk, ISS, Carlsberg and Danske Bank.As member of the Nordic Leadership in Ernst & Young from 2014 to 2016, Jesper Ridder Olsen was responsible for Strategic Growth Markets comprising among others Nordic IPO services.ā€œJesper brings with him in-depth knowledge of Maersk Drilling and more than 25 years of experienceā€¦